Why Chicago's Real Estate Inventory Is So Low
In this episode, Dave discusses:
The multiple reasons the real estate inventory is low across housing types.
Why it feels like it is a tight market.
Current statistics on single family home and condo listings in the areas tracked.
Interest rates, inflation, layoffs, and the overall economy.
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Key Takeaways:
As a whole, the inventory for the city is up 2%. Certain areas, however, such as Lincoln Park, Lakeview, and other North Shore communities, are down considerably compared to last year.
Winnetka is down 79% compared to last year, which is the largest decrease in inventory of single-family homes of any of the North Shore communities.
Lower inventory is a double edged sword - it gives the buyers fewer options to look at, but it means it may be a good time for sellers to sell.
Home affordability is keeping demand lower than it otherwise would be.
The media is skewing the information being given.
It is important to remember that 2021 and 2022 were historic years and things have changed since then, but not as drastically as the media is making it seem.
Quotable: "Another reason demand is down is we're hearing more and more news about different layoffs from major players. Whenever you hear that, and you hear it from several different sources about a lot of different companies, that's a concern about the economy as a whole and that tends to bring demand down." — Dave Nimick
your host, dave nimick:
Thought Leader & Chicago REALTOR® with Keller Williams Realty
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