Ten years ago there were 3X more homes for sale in Chicago!

graph of statistics with chicago housing overlay

How has the real estate market in Chicago changed over the past ten years? 

Some statistics have changed dramatically, but surprisingly, some factors are very close to where they were 10 years ago.

The most dramatic change in the market has been the inventory of homes for sale. In January of 2008 there were over 15,000 single-family attached homes and over 8,000 single-family detached homes for sale in Chicago. In September 2018 homes for sale hovered at around 6,000 and 4,000, respectively, a downward trend that has become the 'new normal' since 2009.

Chicago's Jefferson Park Neighborhood Real Estate Update

Home sales up 15% in Jefferson Park Chicago

Each of Chicago's 77 neighborhoods has it's own flavor. Jefferson Park, on the Northwest Side, is known for being a family-friendly community and a popular residential area for Chicago's fire fighters, police officers and school teachers. With the North Branch Trail, Sauganash Trail, nearby golf courses and an abundance of parks and green space, Jefferson Park mixes a suburban feel with a city touch.

Chicago Housing Market Update

Chicago Housing Market drawing

Although we've heard some chatter about a possible housing bubble, it's too early to predict a change from the current situation in Chicago, and most other areas of the country, which is higher prices and lower inventory.

Wages have been increasing, but not at the same pace as home prices, and the mortgage interest rates have risen several times this past year. This situation potentially leads to affordability issues that can cause fewer sales at lower prices, in spite of the fact that demand is still outpacing the supply of available homes.

Forest Glen Housing Market Report - February 2018

Graphic of Forest Glen Housing Market Report

Chicago's Forest Glen neighborhood is one of the oldest neighborhoods in the city. It also includes the Edgebrook and Sauganash communities. While the Forest Glen communities are only a few miles from downtown Chicago and the fast paced life one would associate with the city, the neighborhood has a suburban feel.

Looking at the latest statistics available from MRED, our local multiple listing service, here is what happened in residential real estate in Forest Glen, comparing February 2018 and its trailing 12 months with the same period in 2017.

Park Ridge Housing Market Update

Graphic of Park Ridge real estate market update

Park Ridge is a great community with beautiful homes, parks and schools, and convenient to all areas of Chicago and O'Hare.  

Looking at the latest statistics available from MRED, our local multiple listing service, here is what happened in residential real estate in Park Ridge, comparing the first 11 months of 2017 with the same period in 2016.

Northwest Chicago Housing Market Update

Map of Northwest Chicago

Low inventories and higher sales prices had an effect on the Northwest Chicago residential real estate market last year.  Overall, the number of closed sales for 2017 was down, median sales prices were up, and the average market time decreased.  Homes sold faster and for more money.

Local market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable. These two factors ultimately muted what should have been a stronger sales pace.

City of Chicago Housing Market Trends as of June 24

chicago housing market update with city scape background

We are now beyond two years of year-over-year declines in inventory of available homes for sale, and it doesn't look like the situation is going to change anytime soon.

In spite of the lack of inventory, buyer demand and home prices continue to rise, and the number of distressed homes continues to fall.  

Norwood Park Housing: Median Sales Prices Increase By Double-Digit Percentages

Norwood Park community welcome sign

The median sales price for detached single family homes in Norwood Park increased 9.4% in the first 11 months of 2016 compared to the same period last year.  The median sales price in 2015 was $289,000, and increased to $316,050 in 2016.  It also took, on average, about 10 days less to sell a Norwood Park home this year.  The average market time for 2016 was only 69 days.  Closed sales held steady with a 2.1% increase the the number of homes sold.