While traditionally the spring season ushers in a more robust real estate market, that doesn’t appear to be the case in Chicago. Despite all signs of winter weather, the market is already seeing an uptick.
According to the Mainstreet Organization of Realtors, sales in Chicago’s suburbs were up about ten percent when comparing December to November. They were up nearly three percent in the fourth quarter of last year over the previous year.
At the same time, houses sold for higher prices. A single-family detached home saw a more than four-percent rise in sales price. The median was $259,000.
It was a similar story from the Chicago Association of Realtors. It found January sales were up more than seven percent from 2019. December sales were up more than 10-percent.
Local brokers and agents explain rental leases are no longer tied to key months, giving people more flexibility. In addition, aging baby boomers no longer have to worry much about the school calendar when buying or selling a home.