Chicagoland Open house totals rise as inventory grows- Hot Market
Housing Market Gone Crazy- Everything is up
Hosing Market Gone Crazy- If you didn’t know it- The market is hot right now. More properties are coming on the market and more are closing. Here are some raw stats
More open houses took place in MRED’s marketplace last week than in any individual week since mid-November. The 2,944 open houses marked a 63% bump compared to the previous week. This increase accompanied a rise in total active MRED listings, which grew to more than 59,000. Follow the trends in MRED’s Weekly Market Snapshot.
Residential Closings are up when compared to this time last year.
Listings under contract are significantly more than this time last year. The average for getting a listing under contract is 7 dayss.
Rentals are also up this spring when compared to last spring.
Not only are properties selling fast, the average & median sold price is up.
If you’re selling then now may be the time to take advantage of the hot market. If you’re buying be patient and know that almost 100% of offers will be multiple offers situation. Make sure your agent provides you comparables to inform your decision. Same advice if you are selling.