Chicago Real Estate Update: Weekly Market Insights with Anne Rossley - April 1, 2024

What's happening in the downtown Chicago real estate market? Let's take a look.
Lakefront communities. First, single-family homes. Eighty-three homes closed through the month of March, 86 are currently under contract, and 221 are for sale. That equates to a three-month supply of homes on the market. It'll take three months to sell everything out, given the rate of sale.
Alright, let's look at attached, which includes condos, townhomes, and co-ops. Eight hundred and two closed in the month of March, that's up. 1,099 are under contract, and 2,073 are currently on the market for sale. That's a 2.5-month supply of attached homes on the market.
Freddie Mac's average interest rates for a 30-year fixed are 6.79%, that has come down a little bit. In terms of showing time, the index is 198.9. Lots of people are out there looking to buy. Keep in mind this is a number through February, I expect it'll be even higher in the month of March.
Rent is a bad news as always, rents are up, up, up in Chicago. You can see on the far right column that for one, two, three, and four bedrooms, 31%, 41%, 39%, and 22% year over year.
So if you're looking to buy versus rent, there are a lot of reasons to consider buying.
I'm Anne Rossley with Baird & Warner, let's connect!
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With 25+ years of real estate experience selling in downtown Chicago, Anne Rossley is the go-to advisor for corporate executives moving in and out of the city, empty-nesters transitioning to the city and anyone just trying to find their perfect fit in Chicago. Selling each of Chicago’s vast housing options, Anne understands the nuances of historic properties, luxury single-family homes, and lakefront condos/co-ops. She is an industry gem with her sharp sense of humor and low-pressure approach that is always coupled with a splash of sophistication and a little spunk. NOTE: Anne focuses on city business and will happily refer you to the best resource in collar counties/suburbs if this isn't a perfect fit. Make Anne your first call!
Anne (and Baird & Warner) is a member of Leading Real Estate Companies of the World and Luxury Portfolio.