As predicted, the downward trend in the number of homes for sale in Chicago is only continuing into 2017. January inventory is always low, and January 2017 was no exception. In fact, the number of homes for sale in January was the lowest we’ve seen in the past three years. What does this mean for Chicagoans? It means that home sellers in Chicago will continue to have an edge, and those considering buying a home will have fewer options and a lot of competition.
While supply of homes in January was low, those that were on the market weren’t flying off the MLS too fast. Homes that went under contract in January were on the market for just over a month, on average. That’s right on par with what was observed in January last year. If history repeats itself, homes will get snatched up faster and faster as we approach the spring months.
The median sales price in Chicago increased over the prior year by about 3.8%, but has stayed constant at its peak of $410k for the past three months. If supply of homes for sale continues to be lower than it was at the same time last year , this median price shouldn’t stay flat for long. February is usually the first sign of Spring in real estate, so check back next month to see the direction the 2017 market is headed!