After only one full week into the new year, median home prices in the Chicagoland area saw huge gains surging more than $40,000 over 2019’s median prices. Real estate experts are anticipating another record-breaking year and expect to see more people entering the spring market.
This increase is likely due in part to historically low inventory, which is fueling a highly competitive market. Sellers are seeing growing buyer interest, leading to multiple offers and commanding top dollar for desirable homes.
As interest rates maintain all-time lows, potential buyers have continued their home searches jumpstarting the industry’s spring market a bit earlier than usual—this pivotal time traditionally kicks off the first weekend of February, marking the busiest season for buying and selling. Open houses picked up steadily from January 4 to the 11, with 2,243 open houses hosted during this time. This is a sizable jump from the previous week’s numbers—only 884 open houses were held the week prior.
As we head into the spring housing market, experts are confident that trends will hold steady.