How’s the Real Estate Market?

There seems to be a lot more questions than usual about how the real estate market is because of all the stock market swings and political environment.

The important thing to keep in mind is that real estate is local. Meaning what is happening in Florida, Texas and California is not necessarily what is happening in the Chicagoland area. For instance, many of the high flying markets around the country are seeing inventory rise and actually higher than Pre Covid times. The Chicagoland market is still at historically low inventory levels.

The graph below will show you national inventory levels. The area shaded is Covid.

National Inventory

This other graph will show you inventory levels in the Chicagoland area which you can see have not started to trend upward yet which is a much different picture than what is happening nationally.

Chicagoland Inventory

All this being said, locally we are in for another strong spring market with prices on the rise again. If you’re a buyer, get ready for multiple offers and a challenging environment (this is already happening). If you’re a seller, get ready for buyers to line up to see your home!