The housing market in the Chicago-area has been booming, but recently released data shows the market could be easing up from what we saw over the spring and summer seasons. From January to June of 2021, the median home sale price in Chicago’s nine-county metro area hit $300,000.
According to data from the Illinois Association of Realtors, that’s up more than 16-percent when comparing the first half of 2021 to the first half of 2020. The data also shows homes were on the market between March and June of this year for about 38-percent less time. In addition, the market saw about one-third fewer homes even listed for sale during those months.
Despite all of the figures, some experts say the early 2021 enthusiasm could be cooling. They say they’re starting to see buyers take more time in their home search.
Even so, it likely won’t be a significant cooldown. While agents may not be getting multiple offers flying in the door with every home, some of the well-priced, attractive homes on the market are still generating interest from multiple buyers.
The future could depend on a variety of things, including the spread of COVID-19, which could impact the number of buyers and sellers. There’s also the issue of new construction homes and the high price of building materials right now.