Here’s a quick mid-year update for the Chicagoland real estate market.
Overall, we’re still in a seller’s market here in the Chicagoland area as we head further into summer. Starting in May, we saw a shift from a hot seller’s market to a bit of a more balanced market. There’s a bit more supply, fewer multiple offers, and homes are taking a tad longer to sell.
Recently, I was a panelist with the Chief Economic Officer of the National Association of Realtors, who talked about inflation having a negative impact on interest rates. When rates go up, buyer affordability goes down.
However, right now is still a great time to buy or sell. Nobody has a crystal ball to tell when the shift is going to occur, but we do know that conditions are great right now.
If you have any real estate-related questions for me, don’t hesitate to reach out via phone or email. I’d be happy to answer them.