At first glance, the real estate market in Chicago might appear to be taking a grim turn. Sales have dropped just over 18% since last March while days on the market has increased almost 17%,according to an article recently published in ChicagoAgentMagazine.com. Nevertheless, agents in some areas of the Chicago suburbs are seeing activity that tells a very different story.
The Mainstreet Organization of Realtors CEO, John Gormley, indicated that some areas of Chicagoland are still reporting days on the market “still in the single digits”. The median prices of detached homes rose .6% since March 2022. The most surprising piece of data to come out of this analysis might just be who is making a huge impact on the real estate market.
Reporter Emily Mack indicates, “According to the National Association of REALTORS®’ latest Generational Trends Report, baby boomers’ share of the market surged, surpassing millennials, to make up 39% of homebuyers. That’s more than any other age group and a 29% increase from last year.” Since millennials are competing for homes with boomers, many times with equity in their homes and therefore cash to spend, millennials need to be creative and determined if they want to secure the purchase of their next home.
Read the entire article.