There was much concern last month when the Federal Reserve raised interest rates that it would drive up mortgage rates. Prospective buyers were concerned that they missed all-time low rates.
As it turns out, that hasn't materialized. Since the rate increase, 30-year mortgage rates have actually dropped below 4 percent and published reports suggest that experts believe they'll stay below 4.25 percent in 2016.
According to the latest data, it's slim pickings for buyers in the Chicago market, as inventory in the month of January hit a new low.
The Chicago Association of REALTORS® says that there were a total of 7,694 houses, condos and townhouses on the market as of January 2, a 16.6 percent decline from the same time a year ago when the total inventory was 9,222.
What this means for buyers is that homes are snapped up quickly when they do come to market.
For more, head overt to Crain's.
The latest numbers are in on the fastest-selling neighborhoods in the city for the month of December, 2015.
The top-selling neighborhood was the Loop with a total of 59 sales and an average of 90 days on the market.
Following right behind was the Near West Side with 75 sales and 91 days on the market. In third was North Center with 93 days on the market and 36 total sales.
For more, head over to Chicago Agent Magazine here.
The latest numbers are in and these are the top luxury housing markets (those with the most $1 million-plus sales) in Chicago from December of 2015.
Topping the list was Lincoln Park with 28 sales over $1 million and an average sale price in that bracket of $2,468.156.
Number two is the Near North Side with 25 sales and an average of $1,959,920. Number three is West Town, with 10 sales and an average of $1,502,187.
Rounding out the top six, were Lakeview with eight sales and an average of $1,770,125, the Loop with six sales and an average of $1,310,666 and Logan Square with six sales and an average of $1,479,833.