As we move out of the busy summer season, it’s a good time to take stock of the Chicago real estate market. Here’s what’s happening…
Moderate Dip in Sales Coupled with Price Uptick
Illinois has witnessed a moderate decline in home sales, with figures down approximately 20% compared to the preceding year. However, coupled with this sales dip is an upswing in home prices, marking an increase of around 4.5% year-on-year.
Low Supply Influences Pricing
The increase in home prices can primarily be attributed to the scarcity of available homes for sale. Limited inventory has been a persistent and growing problem for home buyers, and the number of homes on the market is down by over 26% compared to the previous year.
This has fostered a competitive buying landscape, and nearly half of the properties are selling for over their initial list price.
Resurgence of “As-Is” Agreements
In this market, sellers typically have the upper hand in negotiations, leading to a resurgence of “As-Is” contracts, in which sellers will not accept repair requests and are ready to terminate deals if buyers aren’t moving fast enough.
While Illinois is one of the top states that people are moving out of, the real estate market remains strong, if a little stagnant, and tilted in the seller’s favor.
The current state of the market underscores the need to have an experienced and skilled real estate team by your side through the entire transaction. We work with amazing real estate agents and are happy to refer you to them if you’re thinking of selling or buying this quarter!