You’ve been hearing this from us every month lately, but we’re gonna say it again – the Chicago real estate market has been pure madness.
The culprit of the madness hasn’t changed. There are just not enough homes for sale in Chicago to go around right now, and the shortage is only becoming more extreme. Usually, the number of homes for sale increases steadily during the spring and summer months. This May, there were fewer homes for sale than there were in April, which pretty much never happens.
So how did this shortage impact buyers? It meant that to get a place under contract, buyers had to be extra quick. On average, homes that closed this May were on the market for a mere 10 days. To give you an idea, that’s the fastest median market time in our area in the last decade.
You can see where this is going. The median sale price for homes that closed this May was just over 1% higher than homes that closed last May. This spring, buyers in Chicago have been paying up to beat numerous other buyers competing for the same homes. Based on the bidding wars we’ve seen our buyer clients compete in lately, we’re expecting median sale prices to go up even higher as more homes close in June and July .
Congrats to the sellers setting new sale price records in their buildings this spring. And congrats to the buyers who were quick and savvy enough to snag a place. If you’re thinking about buying or selling soon and aren’t sure how to navigate this crazy market, we’re here to help.