Chicago Homes Market Quick Contracts and Over Asking Bids

Want a good home in Chicagoland? Be prepared to move quicker than you’d probably like and pay a fair bit over the asking price.

In May, Chicago-area homes spent an average of 27 days on the market, according to Crain’s, who cited the latest data from Illinois Realtors. The nationwide average is 52 days, nearly half of Chicago’s speed. It’s become so swift that a mere two-day path from listing to purchase contract signed is not that unusual, according to the outlet.

Areas all around the greater Chicago metropolitan area have seen extra-fast purchases. A four-bedroom home on Bernice Drive in St. Charles that listed for $599,900 was under contract two days later, according to the outlet. It closed at $750,000. Another home at Cloverview Drive in Tinley Park had a contract two days later as well, and the buyers closed around 3 percent over the $605,000 asking price.

A three-bedroom home on Queens Lane in Glenview was on the market a single day before it was under contract, and closed at $980,000, 9 percent over its asking price. Luxury homes in Lake Forest and the West Loop were also under contract just two days after being listed.

The speed of the deals is directly related to a stark lack of inventory in the Chicago market. Every home that hits the market has more offers, which leads to more aggressive offers from buyers who get tired of waiting.

Agents like Re/Max’s Mario Barrios told the outlet that the new guidance for buyers is to be ready at any given time: If you aren’t willing to spike your social plans, you need to be prepared for disappointment. Buyers also need to be ready to waive inspections or other common pre-contract contingencies as well as offer over the asking price in order to remain competitive.

— Hunter Cooke