Low Housing Inventory Raising Prices in Chicagoland

By
Real Estate Agent with RE/MAX All Pro 475.102921

Home sellers seeing higher prices as availability remains low

Chicagoland Home Inventory 2016

The Chicagoland real estate market has been seeing declining inventory since the start of the year.  Currently, there is a 4.1 month supply of housing.  Anything between 3-6 months would be considered stable and we're right at the low end of that.

 

Buyer demand in the Chicagoland market continues to outpace the availability of homes for sale.  As the demand increases and supply decreases, prices rise as a result.

 

National housing inventory is at 4 months so we're right there with the trend.  This marks 18 straight months of decline.

 

Median home prices in Chicagoland for the month of December were at $222,825, up 6.1% from last year.

 

NAR’s Chief Economist, Lawrence Yun had this to say:

"Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country."

 

The good news is this means homeowners are starting to realize some positive equity situations.  This also means that as a home seller, your ability to sell your home and move up to that dream home is more feasible now.  Listing your home for sale in the winter months attracts serious buyers who are generally looking for a quicker close.

 

This article was originally posted on Tuesday, January 3rd, 2017 at kombrink.com.

Posted by

Matt Kombrink Broker, CDPE, SFR
RE/MAX All Pro
St Charles, Illinois
(630) 488-3300

Facebook YouTube Blog

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Illinois
Groups:
RE/MAX Active Rain Bloggers
Chicagoland and Northern Illinois Real Estate
Illinois Real Estate
Local Expert
Advice for Sellers
Tags:
home prices
chicagoland
housing inventory

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
222,569

Matt Kombrink

Your #1 Source For Real Estate
Have a question about our local market?
*
*
*
*
Spam prevention

Additional Information