Chicago Real Estate Market: 2023 Review and Predictions for 2024

Friends and Colleagues,

2023 was a challenging year for home buyers. Mortgage rates  continued to climb throughout the year, ultimately peaking in October of this year at 7.79%.

Further, these high interest rates pushed home prices higher this year, as many present home owners, still locked in to lower interest rates, have held on to their properties for the foreseeable future.

According to Redfin data, the number of available Chicago-area listings dropped from roughly 41,500 in October of 2019, to 25,500 in October of 2023.

Fortunately, signs of receding inflation pressures have contributed to a recent fall in rates. Freddie Mac recently released data showing averages closer to 7% this month.

For 2024, many market experts predict a slow easing of rates to closer to the 6% range as inflation levels continue to ease and Treasury rates decline. This should help stir new activity, as more clients looking to buy and sell homes enter the market.

On a personal note, as the Vice President of Sales for High Fidelity Realty, I was recognized by the Chicago Association of Realtors as a top-producing agent in 2022 and expect to be recognized with the same distinction in 2023, as well. I contributed to nearly $5 million dollars in transactions for my client in 2023, including the sale of multi-unit properties for my sales clients in Wrigleyville/Lakeview and Little Village plus the purchase of condo properties in Albany Park/Lincoln Square and Palatine for my buyer clients.

In addition, I helped another (100) rental clients find their new home.

If you have questions about the real estate market, please reach out. My 10+ years of direct real estate experience, including my connection to a vast network of industry professional, can answer questions about anything from property management to mortgage lending to preferred-contractor recommendations for repairs or renovation needs. As always, I appreciate your referrals.