If you’ve been a little frustrated by your Chicago home search, you’re not alone. According to Crain’s Chicago Business, the inventory of single-family homes dwindled down to 3.8 months of supply during June. A year ago, single-family home inventory stood at 5 months of supply. This means if no new listings came to market, everything currently available would be sold in less than 4 months, given the current pace of sales.
Of course, new listings arrive on the market every day, just as homes go under contract every day. What this statistic is telling us, is that the supply of homes for sale isn’t keeping up with demand. As of February 2018, home inventories in Chicago had reached an 11-year low, and they haven’t improved much since.
The suburban markets have similar trends. Single-family home inventories in Lake, Will and DuPage counties have dropped by 7% on a year-over-year basis. Less expensive homes have the highest demand.
The good news is, you can still find what you’re looking for in a home, but it’s going to take patience, financial preparedness and planning…as well as some flexibility. There are always going to be some trade-offs in your home buying decisions.
Fortunately, you don’t have to go it alone! StartingPoint Realty can provide you with neighborhood information, comparable sales and home buying strategies to help you succeed. And because we have agent-level access to the MLS, we can perform a more comprehensive, timely and accurate home search than what you can accomplish through public websites. Let us help you!
StartingPoint Realty – expert help for first-time home buyers!
StartingPoint Realty proudly serves first-time home buyers throughout Chicago and the Northwest suburbs. We provide complete education and guidance during the entire home buying process! Attend a free home buying seminar to begin your path to home ownership!
We provide great resources to help you become a successful home buyer! Check out our list of home buyer assistance programs on our website!
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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