Chicago Real Estate Update 2019: Housing inventory is finally on the rise! The amount of homes available for sale are up 3% from this time last year. This means that there isn’t as much competition as there was in the past. The Chicago real estate market has been largely a seller’s market for a few years. Since more homes are becoming available for sale, the market is becoming more balanced, which is good for buyers. At the same time, home prices are still remaining steady, so the market is still healthy.
What does this mean for buyers? In the Chicagoland area, a lot of buyers were running into multiple offer situations for any home that they liked. The problem is that since housing inventory was low, the amount of good homes available for sale were few and far in between. Now, with more homes coming on the market, buyer’s won’t run into as many multiple offer situations. This gives buyers a better chance of getting the home of their dreams.
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