Chicago’s spring real estate market has arrived- and it’s booming! The market usually ramps back up in February as buyers and sellers prepare for moves happening in the spring and early summer. If the market continues at the pace it did this February, it’s looking like 2017 will be one of the strongest (and most competitive) real estate markets we’ve seen in Chicago in quite a while.
The lack of homes for sale was one of the main drivers of competition this February. Supply was at an extreme low in January, and didn’t fully recover in February.
With so few homes for sale and more buyers rushing to snag their new home before this year’s expected interest rate increase, homes went under contract quicker than years past. This February, the median time that listings spent on the market was 29 days- that’s a decrease in market time of nearly 20% compared to February 2016, and a decrease of 30% compared to February 2015.
Not surprisingly, the intense competition for homes in Chicago drove up sale prices. The median sale price increased by 4.3% over this time last year, and we expect this upward trend in home prices to continue into the spring and summer of 2017.
If you’re thinking about selling your home, now’s the time. And if you’re thinking about buying a home, put your game face on. It’s gonna be a wild and crazy spring! Chicago real estate is hyperlocal- get the most up-to-date information about your neighborhood.