Numerous reports have outlined the speed of sales and rising prices in the local housing market, but what's behind it?
According to Builder Magazine there were a total of 9556 homes sold in the Chicago-metro area in March, an increase of 15 percent over the previous years. Median prices were also up 10.4 percent to $234,000.
While inventory shortages continue to take a toll and buyers compete driving up prices, Chicago Agent Magazine also noted that distressed sales were down substantially, driving prices up.
Read more at Chicago Agent Magazine here.
The latest numbers show that the pace of home sales accelerated in March while overall inventory continued to decline.
In Chicago the median price for March was $226, 000, an 11.8 percent increase from the previous year while available for sale inventory was 40,774, a 13.3 percent decline from the previous year.
The typical home nation-wide went under contract in just 49 days, down from 60 days in March of 2016. Nearly 20 percent went under contract within two weeks.
Chicago Agent Magazine has more on the trends here.
Chicago is in the midst of a historic building boom and it's most obvious downtown.
According to Curbed Chicago, the city is currently seeing a total of 52 high-rises under construction. Perhaps the most high profile of the projects is the Vista Tower, a supertall designed by Jeanne Gang for the New Eastside that will eventually host a hotel and condos.
But the boom isn't bound to the downtown area, it extends along the lakefront as far south as Hyde Park and as far north as Uptown.
Check out a nifty map at Curbed here.
For the first time in its history, Fannie Mae's Home Purchase Sentiment Index has indicated that Americans believe it's a better time to sell than to buy.
The number of Americans who felt it was a good time to buy fell 10 percent to 30 percent from February to March while those who say it's a good time to sell rose 9 percent to 31 percent.
For those surveyed, 39 percent cited strong and rising home prices as their top reason why it's a seller's market.
Read more at Chicago Agent Magazine here.
A new plan was recently unveiled for a vacant parcel in Noble Square that would bring 160 new rentals to the neighborhood.
Designed by Brininstool + Lynch, the proposal for the lot at the intersection of Walton and Noble would be five stories tall and clad in brick, metal and fiber cement. The front of the project along Walton would feature 17 townhouses that are two stories tall to better blend into the area's low-rise fabric.
It would also feature an indoor/outdoor amenity space with a gym and pool deck.
Read more at Curbed Chicago here.