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Chicago Alerts

A daily look at the most significant and interesting stories affecting Chicago. Written by Monica Eng and Justin Kauffman.

Axios Chicago Thought Bubble

A daily look at the most significant and interesting stories affecting Chicago. Written by Monica Eng and Justin Kaufmann.

Axios Chicago

A total of 11,500 mixed-use apartments have been built in Chicago since 2012, Axios' Sami Sarber reports. 

Why it matters: Rental communities that comprise residential, office and retail space gained a foothold in the last decade, especially as the pandemic heightened renters' preference for nearby amenities.

What they found: A quarter of the units built here from 2012 to 2021 were mixed-use, per a report from nationwide apartment website RentCafe.

The bottom line: Blending different types of real estate is one way cities are evolving in the era of remote and hybrid work.

Chicago loves live-work-play apartments

A total of 11,500 mixed-use apartments have been built here since 2012.

Illustration of an office cubicle with a roof like a house.

A total of 11,500 mixed-use apartments have been built in Chicago since 2012, Axios&#x27; Sami Sarber reports. Why it matters: Rental communities that comprise residential, office and retail space gained a foothold in the last decade, especially as the pandemic heightened renters&#x27; preference for nearby amenities.

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Real Estate

With pending home sales down 15.8% year over year, Chicago's real estate market is showing early signs of slowing down. But median home prices are still up 4.8% from May 2021.

Why it matters: Despite predictions of a market crash, so far, local data doesn't support the idea. 

Yes, but: Monthly reports show early signs of a cooler market, even if it's slight.

What’s happening: Demand is leveling off. More buyers are holding off as homeownership becomes too expensive.

From May 2021 to May 2022, new listings were down 13% and pending sales were down nearly 16%.

This comes after mortgage rates surpassed 5% for the first time in 10 years.

Home-price growth is still slower here than the national median.

Zoom out: Nationally, mortgage applications were down 24%. On average, 6.5% of sellers dropped their asking price each week in June, per Redfin’s latest market update.

In June, national pending home sales were down 13% from this time last year, which Redfin says is the largest decline since May 2020.

Be smart: Inventory is still critically low overall, which continues to push home prices up.

What we're watching: New listings and pending sales. If more listings flood the market this summer without buyers biting, we will start to see more power shift into buyers' hands.

Chicago's real estate market is slightly shifting

Despite predictions of a market crash, so far, local data doesn't support it.

Illustration of a downward trend line over a house

With pending home sales down 15.8% year over year, Chicago&#x27;s real estate market is showing early signs of slowing down. But median home prices are <a class="gtmContentClick" data-vars-link-text="still up 4.8%" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="482b7cab-c90c-43aa-966e-cff961c72c1a" data-vars-headline="Chicago&#x27;s real estate market is slightly shifting" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">still up 4.8%</a> from May 2021.Why it matters: Despite predictions of a market crash, so far, local data doesn&#x27;t support the idea.

Chicago ranks in the bottom five nationally when it comes to building new homes, per the latest analysis by real estate company Redfin.  

What they found: Chicago had 2.3 single-family building permits per 10,000 people in the first quarter of this year.

That's the fourth-fewest per capita among major U.S. metros, though home-price growth is still slower here than the national median.

Zoom out: Single-family (one to four housing units) and multifamily (five or more) building permits are up from pre-pandemic levels in most U.S. metros, Redfin found.

Yes, but: "There still aren't enough homes to meet the pace of household creation, and we need to be more prepared when demand inevitably picks back up," Redfin chief economist Daryl Fairweather said in the report.

The bottom line: Ramping up new home construction could help move the market toward balance, if only a little.

Chicago homebuilding lags behind other large metros

Ramping up new home construction could help move the market toward balance.

Illustration of a construction crane hook with a downward arrow instead of a hook.

Chicago ranks in the bottom five nationally when it comes to building new homes, per the latest <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" data-vars-content-id="6b6d1944-7d63-4de6-a530-9129a722bf13" data-vars-headline="Chicago homebuilding lags behind other large metros" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" target="_blank">analysis</a> by real estate company Redfin. <a class="gtmContentClick" data-vars-link-text=" " data-vars-click-url="https://eden.axios.com/editor/story/6b6d1944-7d63-4de6-a530-9129a722bf13/content" data-vars-content-id="6b6d1944-7d63-4de6-a530-9129a722bf13" data-vars-headline="Chicago homebuilding lags behind other large metros" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://eden.axios.com/editor/story/6b6d1944-7d63-4de6-a530-9129a722bf13/content" target="_blank"> </a>What they found: Chicago had 2.3 single-family building permits per 10,000 people in the first quarter of this year.

Next week, the Chicago Park District is expected to open just half of the pools it normally operates this time of year.

So it may be the right time to rent a private pool for a few hours on Swimply.

How it works: It's like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

The pandemic came with a silver lining for Swimply, which is now betting the market for opening up private homes to leisure activities extends beyond shutdowns.

Here are two options in the area starting at $60 an hour to begin with: 

Relax year-round at this suburban oasis featuring a Jacuzzi and steam sauna.

Cost: $60 per hour for up to five guests ($5 per hour, per guest after five guests).

Splash and sun in this man-made chlorinated pond surrounded by greenery.

Private pools to rent near Chicago

It may be the right time to rent a private pool for a few hours on Swimply.

Oasis swimming hole. Photo courtesy of Swimply

Next week, the Chicago Park District is expected to <a class="gtmContentClick" data-vars-link-text="open just half" data-vars-click-url="https://www.cbsnews.com/chicago/video/about-half-of-chicago-park-district-pools-to-open-for-summer/" data-vars-content-id="8a80c2a3-035b-466a-a336-2fde2defd868" data-vars-headline="Private pools to rent near Chicago" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.cbsnews.com/chicago/video/about-half-of-chicago-park-district-pools-to-open-for-summer/" target="_blank">open just half</a> of the pools it normally operates this time of year.<ul><li>So it may be the right time to rent a private pool for a few hours on <a class="gtmContentClick" data-vars-link-text="Swimply" data-vars-click-url="https://swimply.com/" data-vars-content-id="8a80c2a3-035b-466a-a336-2fde2defd868" data-vars-headline="Private pools to rent near Chicago" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://swimply.com/" target="_blank">Swimply</a>.</li></ul>

Things to Do

Spend a few days in Milwaukee, a lovely road trip destination within two hours of Chicago.

Here's what to do and where to eat, drink and stay. 

This stylish hotel is conveniently located in the Historic Third Ward and boasts a gorgeous rooftop bar.

Features: Valet parking, fitness center, nightly wine hour, pet-friendly accommodations, on-site restaurants

Bring a small group to this modern abode, and enjoy walking to neighborhood eateries and bars.

Features: Kitchen, free parking, TV, Wi-Fi, blackout blinds, washer and dryer

Grab a latte and eat a pesto breakfast burrito on this cafe's lakefront patio.

For lunch, sample snacks, cheese and charcuterie at this modern take on a neighborhood butcher shop.

Hours: Tuesday-Thursday 11am-9pm, Friday and Saturday 11am-10pm

Photo: Kevin Miyazaki, courtesy of Karen Bell

Savor inventive small plates at this cozy wine bar that boasts a lengthy bottle list.

Hours: Sunday-Thursday 5pm-10pm, Friday and Saturday 5pm-11pm

Wind your way through the bustling stalls, and pick up a fresh-baked treat or a loaded bloody mary.

Hours: Monday-Saturday 10am-8pm, Sunday 10am-6pm

St. Paul Fish Company, complete with Oyster bar and restaurant, sells fresh seafood at the Milwaukee Public Market

Photo: Gary Porter for the Washington Post via Getty Images

Experience 45 minutes of facts and beer on a daily tour, which costs $12 on weekdays and $13 on weekends. Afterward, stop in the beer hall for cheese curds.

Hours: Monday-Thursday 3pm-9pm, Friday and Saturday 11am-9pm, Sunday 11am-5pm

Root for one of the home teams, or just relish the high-energy Deer District scene.

American Family Field is located at 1 Brewers Way. Check the team schedule.

The Fiserv Forum is located at 1111 Vel R. Phillips Ave. See the Bucks schedule.

crowd outside Fiserv Forum after the Bucks won the NBA Finals

Celebrating the 2021 NBA Championship. Photo: Kena Krutsinger/NBAE via Getty Images

Where to eat, stay and play in Milwaukee

neon sign reading Milwaukee Public Market

 The landmark Milwaukee Public Market is open seven days a week. Photo: Milwaukee Public Market

Milwaukee, Wisconsin

Spend a few days in Milwaukee, a lovely road trip destination within two hours of Chicago.<ul><li>Here&#x27;s what to do and where to eat, drink and stay. </li></ul>

Sami Sparber

Featured stories

Chicago loves live-work-play apartments

Where to eat, stay and play in Milwaukee

Chicago's real estate market is slightly shifting

Private pools to rent near Chicago

Chicago homebuilding lags behind other large metros