Traditionally, Chicago has seen a quiet marketplace throughout the winter months; however, the latest numbers indicate that both the number of sales and prices were up in January.
In Chicago home sales were up 9.3 percent compared to the previous year. Prices were also up by a substantial amount, 12.4 percent from 2016.
“Our year-over-year numbers continue to demonstrate the strength of the Chicago market, as properties are being snatched up at a pace rarely seen,” said Chicago Association of REALTORS® president (and Urban Real Estate partner) Matt Silver. “With higher prices across the board and rising interest rates, the trend will continue (barring ongoing inventory concerns) into the active spring season.”
Read more at Curbed Chicago here.