Chicago's inventory of for-sale homes continues to decline, suggesting a tough spring buying season is ahead, especially for first-time home buyers.
The inventory of affordable homes, defined as the bottom tier, has declined 14.2 percent in Chicago year-over-year. For middle tier homes the decline is slightly less substantial, at 4.8 percent, while even top tier homes have seen a steep decline, at 14.6 percent.
“It’s going to be a tough homebuying market this spring, especially for first-time buyers or even people looking to move up into a slightly more expensive home,” said Svenja Gudell, Zillow’s chief economist of the study's data.
Read more at Chicago Agent Magazine here.