What's the latest news from our Chicago market now that July is behind us? Inventory is up 10% compared to this time last year, and it’s risen 19% compared to where we were two years ago, which means there are more homes available for buyers. On the flip side, sales are down 12% year over year, and they’ve dropped 19% compared to 2017. There are several causes for this decline, including decreasing affordability and increasing property taxes. The good news is that interest rates are still hovering around 3.8%, which is the lowest they’ve been in over six months.
If you have any more questions about our market or you’re thinking of buying or selling a home soon, give me a call at 773-312-7550 or email me at Leigh@LeighMarcus.com. I hope to hear from you soon!