Chicago’s frenetic housing market shows few signs of slowing as 2022 starts

Low inventory and interest rates are creating a sellers’ market

Chicago /
Jan.January 11, 2022 02:20 PM
Chicago’s frenetic housing market shows few signs of slowing as 2022 starts

1249 S Christiana Ave. S, 5728 N Kostner Ave., 3615 N Kimball Ave. and 3306 W Pierce Ave. (Redfin)

Chicago’s frenetic housing market shows few signs of slowing as buyers jostled to be first in line after a hyperactive 2021.

Two of three homes that had open houses over the weekend were in contract by Monday, Coldwell Banker agent Anne DuBray in Glenview told Crain’s. About 100 people turned up for a one-hour open house at a new 11-unit condo building in Lakeview, John Grafft of Compass told the outlet. Another Coldwell agent, Anthony Rodriguez, took a client to an Albany Park house on the market for just two days, only to find a full schedule of back-to-back showings.

“It’s crazy out there,” Dubray told Crain’s. The third open house “is probably only a day behind” the other two.

As the Federal Reserve prepares to raise interest rates again, making mortgages more expensive, many buyers are shopping for homes even before sellers are ready. About 4,100 homes came on the market in Chicago in the first week of 2022, just shy of the 5,350 available in 2021’s first week.

A survey by Compass shows that after steep declines in the inventory of homes available in 2020 and 2021, 44 percent of agents expect supply to improve. Yet many say 2022 will still favor sellers over buyers.

“You have to pounce when a good new listing comes on the market,” Brian Pistorius of Berkshire Hathaway HomeServices told Crain’s. About 37 families came to his weekend open houses in Logan Square, he said. “In this weather, we’d usually be lucky to get five or six.”

[Crain’s] — Victoria Pruitt 





    Related Articles

    arrow_forward_ios
    Fritz Kaegi, Cook County assessor (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
    Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
    Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
    (iStock)
    Strong Chicago homes sales in December set stage for a robust 2022
    Strong Chicago homes sales in December set stage for a robust 2022
    (iStock)
    Chicago’s minority communities are billed far more for less water
    Chicago’s minority communities are billed far more for less water
    Compass poaches eight-agent @properties team
    Compass poaches eight-agent @properties team
    Compass poaches eight-agent @properties team
    4559 S Prairie Ave (Zillow)
    Why Bronzeville’s gentrification may become a model for other Chicago neighborhoods
    Why Bronzeville’s gentrification may become a model for other Chicago neighborhoods
    ESG Kullen's Eric Granowsky (principal an
d co-founder) and Tom DelPonti (founding principal) (ESG Kullen, The Oliver on LaSalle)
    New York investor wants to cash out on condo-to-apartment converted building
    New York investor wants to cash out on condo-to-apartment converted building
    Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
    Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
    Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
    Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West
    Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...