Chicago Housing Inventory Drops 14.65% Year-Over-Year

Housing inventory has come a long way since 2008 and 2009, when we were experiencing an over-supply.  In fact, according to Chicago Agent Magazine, one of the biggest components of the housing recovery many homebuyers have been experiencing in recent years is competition.

According to the NAR, Chicago has experienced ample change.  Housing inventory has dropped 14.65% in yearly (YOY) statistics, and 11.54% in monthly (MOM).

For more information, view the interactive graph from Agent Publishing.

This data supports "prepared buyer" mentality.  That is, with a still relatively narrow market, prospective homebuyers should have a good knowledge of the home that they're looking to find, and have all preliminary documentation in place to use for an offer when that home does surface.

If you are looking to buy in the new year and aren't sure what these figures mean to you, send us an email or give us a call and we will be happy to help you with your process.

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