Chicago’s spring real estate market was hot! Hot enough that April median home prices increased 10.2% compared to April 2020. Homes in the city of Chicago spent an average of 74 days on market, meaning homes sold about 8.6% faster than last year.
With the median sales price of a Chicago home reaching $372,500 and climbing, some analysts suggest that we’ve reached a market peak. Chicago home buyers would be happy to hear that, except “peak” in this case doesn’t mean home prices will fall. It would only mean a slowdown in the pace of sales and price increases.
The meter everyone is watching is home inventory. During April 2021, Chicago’s home inventory was down 4.5% compared to the same month a year ago. Meanwhile, the speed of home sales accelerated, chewing into the scant supply of available properties. Unless home inventory improves this summer, bidding wars and soaring prices aren’t going away.
Yet there are reasons to believe that more sellers could start listing homes the market. The pandemic is receding. With more people vaccinated, Chicago’s pent-up sellers may get comfortable with the idea of buyers touring their home. High home prices, quick sales and a driver’s-seat market advantage will incentivize sellers to test the waters.
At the same time, the return of major events and normalized lifestyles could give buyers something else to think about other than real estate. During the pandemic, house hunting became a national obsession. As sandy beaches beckon and long-postponed summer vacations take shape, new listing alerts might lose priority.
Sellers, you should strike while the iron is hot. Serious home buyers, you shouldn’t give up on the market just yet! Let us help you accomplish your real estate goals.
StartingPoint Realty – Specializing in Chicago and Suburban real estate!
Looking for your new Chicago area home? We can help! StartingPoint Realty proudly serves first-time home buyers and repeat buyers throughout Chicagoland. Get an introduction to home buying by attending our free home buying webinar! There’s no sales pressure and no obligation.
Sellers, we can help you too! Ask us for a review of your current home value and our pre-sale advice. It’s free, and we’ll never push you to sell.
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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