Apr 29, 2023 - Real Estate

Chicago home prices stay flat while the coasts swing

Data: RE/MAX; Map: Alice Feng/Axios

Chicagoland home prices are holding steady even as turbulence roils the coasts, per the latest data from the Chicago Association of Realtors.

  • "People in the Midwest are not as jumpy. ... We just don't have those big massive swings like the coasts do," says partner and broker Matt Silver with Corcoran Urban Real Estate, pointing to the city's wide range of industries and neighborhoods that ebb and flow at their own pace.

Why it matters: Two real estate markets are playing out across the country, with home prices falling in the West and rising in the East.

What’s happening: Generally, homebuyers are migrating east in search of a more affordable lifestyle, Re/Max president and CEO Nick Bailey tells Axios.

By the numbers: Tight inventory and unstable interest rates are keeping Chicago prices flat, Silver says.

  • The median sales price was the same in March 2023 as it was a year earlier, at $310,000.
  • Inventory dropped 14.7% and closed home sales fell 21.5% in March 2023 compared with March 2022.
  • Also, homes sat on the market for a median of 10 days longer.

Zoom out: Every market has been hot in recent years. Now, the market is rebalancing, though with continued volatility on the coasts.

  • “There’s no such thing as a national real estate market,” Bailey says.

What we’re watching: The stock of homes for sale and homeowners who are reluctant to sell. Silver says many homes on the market now lack desired features, such as an appealing outdoor space.

Silver left us with some tips for navigating this spring market.

For buyers: You're married to the house, not the rate. This tight market inventory won't last forever.

  • It's most important to fall in love with the space and how it fits your lifestyle.

For sellers: Be prepared for demand to pick up again as renters who put off homebuying re-enter the market.

  • Also, take time to consider your reasons for moving, and keep in mind the ability to refinance in the long run.

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