04/30/2022
Chicago is #9! It's important to keep in mind they are specifically referencing the downtown Chicago market.
Just a couple weeks ago I showed a couple of homes to past clients in the River North and Streeterville neighborhoods. There was an abundance of condos for sale! I could have sent them hundreds of homes for sale in their price range and even when we started to narrow it down I was still able to send them 89 available condo units. I haven't sent anybody 89 listings in at least a couple years!
All this being said, out in the Western Suburbs we are still lacking inventory and still obtaining multiple offers on properties. Not quite as many multiple offers as we were a year ago. I would say the quantity is roughly cut in half but that's still not too shabby when you consider at one point we were receiving 40 to 100 offers on a property. Believe it or not once upon a time two or three offers was amazing!
Overall is it a great time if you always dreamed about city living? Yes, it seems like a really great time!
Is the market softening in the suburbs, Yes! Is it still a good time to sell? Absolutely! Multiple offers are still strong!
Is it a bubble? I don't think we're necessarily in a bubble but I definitely think we're due for a correction. How severe that correction will be is hard to say. What I do know is that whether or not you're currently buying a home right now depends more on your situation than anything else. Markets fluctuate and real estate is typically a long-term investment.
If somebody comes to me and says they're going to stay for a year or two in a new home, yes maybe you wouldn't buy now. However, if this is something you can see yourself in for the next 7 to 10 years, if it increases the quality of your life (priceless), you're able to convert to an investment property later or the purchase is lower than renting ( very likely, rents skyrocketed) you should definitely be buying! If I've learned nothing else in 18 years of real estate