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Inventory Remains Low in Chicago’s Market

Critical September 2022 market data every buyer and seller should know.

What are the latest market changes in Chicago real estate? September data is out, and today I’ll share a few critical market indicators to help guide your buying and selling plans. 

At 0:17 in the video, you’ll see a graph pulled from the MLS showing aggregated data in the Rogers Park area. Despite interest rates hitting record highs of almost 7%, detached single-family home prices increased by 10.4% from this point last year, while condos are up by 1.6%. This means that property values are still appreciating despite the Federal Reserve’s interest rate hikes.

“Property values are still appreciating despite the Federal Reserve’s interest rate hikes.”

Meanwhile, inventory levels continue to drop. Detached single-family homes are down 40% from last year at 2.1 months of inventory, while condos are down 44% at 2.9 months of inventory. This means if no further listings were to hit the marketplace today, it would take nearly three months for buyers to purchase all the properties. Anything below six months of inventory is a seller’s market. Since inventory is still low, prices continue to rise despite rising interest rates. 

Our median market time is doing well and is down 40% and 21% this time last year for single-family homes and condos, respectively. 30 days is the median market time for condos, while 16 days is for single-family homes. As for the negotiations, sellers are receiving nearly 100% of their asking prices—98.9% for condos and 98.8% for single-family homes. 

The Federal Reserve will likely ease off with the rate hikes, but I don’t think the Chicago market will turn any time soon. If you have questions about this topic or anything related, call or email me. I’m always happy to help!

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John Lyons

Tired of traveling week-in and week-out for his corporate job, John Lyons decided to start his own real estate business. Lyons could not have predicted how well his background would prepare him for a career in real estate. His journey has been a long and successful one. After graduating from Indiana University in 2001, he took a job selling copiers at Minolta Business Solutions. After building an impressive track record there, he was hired by BrainLAB, Inc. to sell image guides surgical systems. He quickly rose to become one of the top sales representatives for the company. Seven years later, he was hired by Midwest director of sales IMRIS, for their intraoperative MRI and integrated operating room solutions. Now he has a new outlet for his sales abilities: real estate. A Chicago Association of Realtors Top Producer and recipient of Baird and Warner’s Founder’s Club award for the past four years, Lyons had a record 2018, selling more than 11.7 million in real estate. This marked an 18 percent increase over his 2017 numbers. “I was able to accomplish this through daily prospecting and providing a high-level of service for my clients,” he says. In testimonials, his clients say he is patient, trustworthy, personable, knowledgeable, and professional. “Each and every client is so different,” he says. “It’s important to truly understand their needs so you can best serve them. Listening build trust, which is so incredibly important in our business.” A member of the Lakeview Chamber of Commerce, he assist clients in a variety of neighborhoods, including the Near North Side, Lincoln Park, Lake View, Uptown, Ravenswood, Logan Square, West Town, and the Loop. He is quick to admit the best education he has ever received was from his 6 years of service in the United States Marine Corps. Lyons donates $200 per transaction to the Neonatal Intensive Care Unit at Lurie Children’s Hospital. “I am running the Chicago Marathon in 2019 for Lurie Children’s Hospital,” he says. “I have a lofty goal this year, to qualify for the Boston Marathon a second time. Since the beginning of the year, I have been spending at least four hours a week training for the October 13 race.” Results matter, here are John's Listing Numbers: Average list to sell ratio - 98.2% Average days to closing - 52 Listings taken to listings sold - 99%

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