Spring Season Spurs More Contracts in March

Cold weather isn’t slowing down Chicago’s housing market

Spring is almost here, and as the weather heats up in Chicagoland, so is the housing market. Homes continue to go under contract at a record pace. In the first two weeks of March, 37% more homes went under contract than in 2020.

New Listings Are Making a Comeback
The number of new listings hitting the market is slowly climbing back up. New listings dropped off dramatically at the end of 2020, but the steady increase since January shows consumer confidence is returning just as the busiest season for real estate arrives. In February, there were 6,274 fewer homes listed in 2021 than in 2020. But in March, the difference is only 1,390 less than last year.

Home Prices Are Still High
The current hot seller’s market, low inventory, and high buyer demand continue to keep the purchase price on new homes higher over last year. Home prices are 16% higher than the previous year for the first half of March. But the increase could see a reining in over the coming months as new listings continue to pour into the market. Sellers still have plenty of opportunities to benefit from the sizzling hot market but should act quickly. The buyer demand is still strong even with home prices soaring.

Source: MRED