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Here’s something every homeowner and potential buyer in Chicago, Illinois, needs to know. The housing market is getting back to a healthier, more normal place. And even though it may not sound like it, this shift in the Chicago real estate market is a good thing.
It’s what you should expect.
It’s just that our expectations have been skewed by the intense seller’s market over the past few years across Chicago homes.
But what you need to remember is: there’s still plenty of opportunity to be had if you’re thinking about selling – whether that’s next month or next year.
You just need to stay up to date on what’s happening in the local real estate market and have a strategy that matches the moment.
Here’s your update for those looking to buy a home in Chicago or sell one.
1. Inventory’s Up. Buyer Power Is Coming Back
According to the latest data, the number of homes for sale is rising back toward more normal levels (see graph below):
But inventory growth is going to vary a lot based on where you live in Chicago, Illinois.
If you’re in a market where the number of homes for sale is back to normal, buyers may have more sway than you’d expect. That doesn’t mean buyers have all the power – it just means they have more choices, so your Chicago home has to stand out.
But if you live where inventory is still pretty limited, you may see more buyers competing for your house.
No matter where you are in Chicago, the key is to work with a pro who can help you adjust your game plan for your local Chicago real estate market.
[Remote Work Changed Home Needs]
2. The Right Price Matters More Than Ever
With more Chicago homes to choose from, today’s buyers are quick to skip over homes that feel overpriced. That’s why pricing your house right is the secret to selling quickly and for top dollar in the Chicago real estate market. That’s a point Realtor.com really drives home:
“ . . . a seller listing a well-priced, move-in-ready Chicago home should have little problem finding a buyer.”
Miss the mark, though, and you may have to backtrack. Today, about 1 in 5 sellers (19.1%) are reducing their asking price to attract buyers (see map below):
Here’s how to avoid being one of those sellers who have to reduce their asking price. Danielle Hale, Chief Economist at Realtor.com, says:
“The rising share of price reductions suggests that a lot of sellers are anchored to prices that aren’t realistic in today’s housing market. Today’s sellers would be wise to listen to feedback they are getting from the market.”
The best way to get that information? Lean on your local Chicago real estate agents. They have the expertise to set a price that sells in any market. Because if your price isn’t compelling, it’s not selling.
3. Flexibility Wins Negotiations
Gone are the days of buyers waiving inspections and appraisals just to get a deal done. Now, because they have more Chicago homes to choose from, buyers are able to ask for things like repairs, credits, and help with closing costs. And data from Redfin shows nearly 44.4% of sellers are willing to negotiate (see graph below):
The takeaway? This isn’t a bad market. It’s just a different one. And it’s in line with more normal years in the housing market, like back in 2019. The savviest sellers are the ones taking advantage of every opportunity to work with buyers and make their Chicago home shine.
And it’ll help if you think of concessions as tools, not losses. Use them to bridge gaps, sweeten deals, and get across the finish line.
And, don’t stress since prices have increased by roughly 55% over the past five years. You’ve got plenty of room to make a concession or two and still come out ahead.
Just be sure to work with your Chicago real estate agents to understand which concessions could be the key to sealing the deal.
Bottom Line
Sellers who are going to succeed in the weeks and months ahead are those who understand this market shift in Chicago homes and lean into it with the right expectations and strategy.
Let’s talk about what’s happening in your local area and how KM Realty Group LLC, a trusted real estate agency in Chicago, Illinois, located at 111 N Wabash Ave #1734, Chicago, IL 60602, can help turn those opportunities into wins whenever you’re ready to move. Call us at (312) 283-0794.
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