The Chicago Housing market is experiencing a shift in 2019. Home prices have leveled off, and properties listed for sale are taking longer to sell. In short, the local housing scene is starting to favor home buyers over sellers, which means it makes it easier for buyers to negotiate purchase prices with the seller or sellers agents.
Chicago, Illinois ranked number 2 on the list of buyer-friendly housing markets.
According to the research team at Realtor.com, Chicago had approximately a six-month supply of homes for sale as of June 2019. That was a higher level of inventory than most other metro areas across the U.S., and it indicates a fairly “balanced” housing market.
The median sales price for homes sold in Chicago remained flat over the past year as of to date. Read more here……
Highlights from this report:
- The Chicago housing market is starting to favor buyers over sellers.
- It could become a classic “buyer’s market” by late 2019 or early 2020.
- Home prices appear to have peaked in the Chicago area.
- Many other cities in the U.S. are undergoing a similar shift right now.