A lighthearted (but data‑informed) look at Chicago’s real estate
TL;DR ARTICLE SUMMARY:
Chicago home buyers face tight inventory, higher mortgages, and must move fast to view listings. Movers better prep early, stretch into emerging ‘hoods, and be agile. Amid the chaos, Chicago’s still (just about) cheaper than NYC.
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If you’re thinking about moving to Chicago, grab some popcorn—because the real estate market here is putting on quite a show. Picture a housing game where everyone’s playing musical chairs, but half the chairs are imaginary, and someone keeps raising the music volume (and the interest rates too).
Chicago’s housing market has certainly cooled off in the past year. Zillow even bumped it down from 22nd to 39th on their “hottest markets” list. That’s not a crash and burn—but considering the size of Chicago, that is a significant slowdown. Home prices are still on the rise, but not at the breakneck pace of a year ago. Forecasts say house prices could rise maybe a modest 1.2% this year. While you’ll probably have to search far and wide to find an amazing deal, you (for now) won’t have to remortgage your soul.
Buyers Are Having a Tough Time
If you’re looking to buy, good luck out there. Inventory is tighter than a deep-dish pizza packed into a carry-on bag—down about 12% from last year. And with mortgage rates floating around 6 to 7%, you might find yourself calculating whether you really need a third bedroom… or indoor plumbing.
Sellers Continue to Have the Advantage
Sellers, on the other hand, are having their moment. Some have taken to watching bidding wars unfold like they’re front-row at a Bulls game. And the ones who bought years ago at those rock-bottom rates? They’re clinging to their properties like vintage Cubs memorabilia—happy, immobile, and not listing.
It is also not uncommon for movers to be booked up early in today’s competitive market. To secure ideal moving dates, movers are booked weeks – even months in advance. Suburban hot spots like Elmhurst are seeing homes fly off the market as fast as they’re listed, with some buyers offering over asking price before even seeing the house.
Boomers are staying put, happy to become empty nesters while younger families are scrambling, and everybody’s just trying to find somewhere – hoping for a functioning dishwasher and a roof that doesn’t leak.
A day in the life of someone trying to move to Chicago right now is equal parts comedy and tragedy. You start off optimistic, maybe even excited. You’ve seen the photos. You’ve prepped your budget. Then reality hits. The “3-bedroom” turns out to be one bedroom, one office, and one room you’re afraid to enter. That affordable house? Turns out it’s affordable because it backs up to the ‘L’ and has a kitchen from 1973.
What is a Hopeful Homebuyer to Do?
Get your financing ducks in a row as early as possible. Pre-approval is your golden ticket. Be ready to compromise—maybe it’s a smaller place, a fixer-upper, or a neighborhood you hadn’t considered. And act fast. If you see a listing that fits, you’ve got about 24 hours to move on it—or someone else will. (And don’t be afraid to write a heartfelt letter about how much your rescue dog would love the backyard!)
It's Worse Outside Illinois!
Despite all the chaos, there is some good news. Compared to coastal cities like New York or San Francisco, where prices are still doing backflips, Chicago’s market looks downright reasonable. And in the suburbs, new construction is helping a bit to increase supply—though locals sometimes joke it’s just a “bubble inside a bubble.”
Play the Long Game
At the end of the day, moving in Chicago is kind of like a romantic comedy. You’re the wide-eyed lead with a dream. The market is the complicated love interest who plays hard to get. And interest rates? They’re the meddling friend who keeps pointing out all the red flags. But if you hold on long enough, keep showing up, and maybe throw in a little charm and creativity, you just might find yourself walking into your new home as the credits roll.
Because in this city, finding a place may not be easy—but it sure makes for a great story!
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