October Market Update

"The words 'complexity' and 'contradiction' have been used to describe many things, but never have they been more appropriately used than to describe this year's housing markets. 

The Chicago real estate market as a whole has maintained a good place in this epic upheaval. Home values have increased this year. However, the health crisis has triggered some to reconsider their lifestyle. Some employees have been told they'll be working from home for at least the next year, maybe two. Renters are buying, and the rise of the home office is persuading some to buy larger single-family homes. We see demand is up in the city (+41%) and the suburbs (+58%), and inventory is down throughout Chicagoland.

There is a perception that homeowners are fleeing the city because they no longer have the benefit no longer of all the city traditionally offers, but find themselves cooped up in a small, expensive space. The reality is, it is a small percentage of city dwellers who are heading out, and a similar number still coming in. We see this bearing out in the above stats.

There are a number of neighborhoods in Chicago having a better 2020 than 2019, and plenty that are holding their own. Many of our buyers are running into multiple offer situations, which is not uncommon in today's marketplace. We believe this will be the new norm for the foreseeable future."  - Kenneth Arrizola

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