Robin Krieb
Realty Executives Midwest
Chicago is in a precarious position (in a lot of ways, but for the purpose of this post I’m referring to real estate). Some people who moved closer to downtown Chicago specifically to be close to their place of employment are now finding it unnecessary if they have been working from home. Also, spending more time at home is making people want more space inside as well as out (yard).
According to Crain’s Chicago and MRED data, areas like the northern part of the Loop have fifteen months of inventory available (people leaving=lots of homes on the market=higher inventory).
This is driving people who still want to live in Chicago to the outer neighborhoods. Places like Logan Square, Bucktown, Andersonville, Rogers Park and Albany Park are seeing just under a three month inventory of homes.
For those of you playing along at home, four to six months of inventory is generally considered a healthy market.
Then there are those people who just want out of Chicago (higher taxes, crime, recent looting) who are packing up and heading to the burbs! A lot of suburbs are currently seeing the low inventory I’ve blogged about previously.
Sooo, this might be a good time for my investor friends to look into the Loop area…or those of you who have always wanted a place close to downtown Chicago. You’re more likely to get a property for a deal (and you know, I LOVE a deal)!
