Pandemic-induced home preferences are driving more buyers to the ‘burbs. With work-from-home sticking around, and remote learning offered at most schools, Chicago home buyers need square footage like never before. Yard space has also become more important to home buyers.
This has been an absolute boon to suburban home sellers whose larger, more distant homes were seen as less desirable just a year ago. Lake County and McHenry County median home prices are up by over 12% on a year-over-year basis as of September, according to Rocket Mortgage. Large homes in Palatine and Schaumburg are getting sales traction as limited inventory keeps pressure on buyers.
According to Realtor.com, home inventory in Chicago’s suburban markets has dropped by 42.8% on a year-over-year basis. The same trend is playing out nationally, with the ten largest U.S. metros showing inventory declines of over 40%.
The situation isn’t going to improve for a while. Homeowners who have refinanced into super-low rates have little motivation to move from the cheapest housing payment they’ve ever had. Tight home inventories and higher prices limit the choices available for would-be sellers who would like to trade up or downsize. Throw in a pandemic that keeps more people at home, and you have a perfect real estate storm.
Of course, there are opportunities in the Chicago area real estate market! Home buyers need to be well-prepared and patient! Working with StartingPoint Realty can help you prepare for home buying and succeed in your goals.
StartingPoint Realty – Specializing in first-time Chicago home buyers!
Looking for your first Chicago area home? We can help! StartingPoint Realty proudly serves first-time home buyers throughout Chicagoland. Get an introduction to home buying by attending our free home buying webinar! There’s no sales pressure and no obligation.
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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