Chicago and Midwestern real estate has become a hot commodity, according to an analysis from property management and investment company Mynd Management. Out of the top twenty real estate markets in the U.S. for home sellers in 2020, nine of them were in the Midwest.
Buyers who once searched the coasts for investment properties have discovered the affordable housing markets in the central U.S., scooping up homes in Milwaukee, Chicago, Indianapolis, Detroit, Cincinnati, Columbus and other Midwestern locales. At the same time, remote-work employees untethered from the office are casting their nets wider in search of homes for sale.
This is terrific news for Chicago area home sellers, who have watched home price growth surge 10.4% between 2019 and 2020. If not for the crazy-cheap mortgage interest rates of 2020, a good percentage of buyers would have been sidelined from the market.
The big question is how sustainable the current market trends are. When affordability eventually becomes crimped by the one-two punch of rising rates and higher home prices, one might normally anticipate a slowing market. Sooner or later.
But nothing about our market was normal in 2020. So far, 2021 seems to be following suit, with home buying becoming a competitive sport. Chicago home sellers are looking at fantastic opportunities as the peak season draws near; but for home buyers, supply is going to remain short of demand. Patience, preparedness and perseverance will be required!
StartingPoint Realty – your Chicago and Suburban real estate experts!
StartingPoint Realty serves first-time home buyers and sellers throughout Chicago and the suburbs!
Buyers: get an introduction to home buying by attending our free home buying webinar!
Sellers: we have qualified buyers in virtually every price range! When you obtain a home selling consultation with StartingPoint Realty, you get our expert insights about today’s home buyers and their purchase power. We may have buyers lined up waiting for a home like yours!
Always feel welcome to contact us for help with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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