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    January 2023 Market Update

     January 2023 Chicagoland Market Report If you’re thinking about selling your home, it's important to have a good...

    • Eric Marcus
    • January 9th, 2023
    • 2 min read
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     January 2023 Chicagoland Market Report

     

    If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Chicagoland market.

    Knowing the most important data such as the average sales price, the supply of homes available for sale, and days on market will better prepare you to sell your home.

    Our January market report showcases everything you need to know about local real estate trends.

    It is All About the Supply of Homes 

    You can't only look at the Chicagoland market as a whole because real estate is local.   I have highlighted a city neighborhood,  a west suburb,, a southwest suburb, a northwest suburb, a north suburb, and a south suburb to see how those differ.  We are still well entrenched in a seller's market here in Chicagoland.  Despite all the fears of a crash coming after the 2022 interest rate hikes, a glut of homes have not appeared on the market.  You can see that all  over the Chicagoland area.  So while there are fewer buyers who can pay the inevitable higher monthly payments, there are still fewer sellers than most buyers were expecting.    People used to move from Chicagoland to less expensive areas in the country in the south and west.   Now many of those metro areas - Nashville, Atlanta, Charlotte, Austin, Phoenix, Denver - are more expensive than Chicagoland so less people are able to get up and move.    Also, many home owners don't want to trade their 3-4% interest rate for a 6-7% interest rate.   So they stay. 

    Check out the slides charts of various communities around Chicagoland and you will see we are near/at record low inventory of homes in every community highlighted.  

    Curious about what your home is worth now?

    Get an accurate home value report from our team. 

    Get Your Report

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    About the author

    Eric Marcus

    773-732-9898
    I was born in South Bend, Indiana where my family owned and operated a small business for over 50 years. Every member of my family has been licensed to practice real estate, and my dad owns a real estate company in Indiana. After graduating with honors from Indiana University in 1991, I earned my CPA and worked for a big six accounting firm in Chicago. Combining my experience and entrepreneurial spirit, I started my own successful accounting business that I ran for 3 years. Next, I embarked on a career as a soybean trader at the Chicago Board of Trade, followed by a successful run as a stock options market maker at the Chicago Board of Options Exchange. I began my real estate career in 2003 as broker/owner of ESM Realty. My team has helped more than 600 clients buy and sell condominiums, townhouses, single family homes, multi-unit residential, and commercial properties. For 14 straight years, we were recognized by Chicago Association of Realtors as Top Producers. Our extensive marketing program includes premium placement on hundreds of websites, morechicagohomes.com and state of the art Facebook advertising. My team works tirelessly to make each client feel like they are our only client! We strive for the highest level of performance every day so that we exceed your highest expectations. Our business is 75%+ referral-based and we want you to not only be our client but our biggest raving fan. In December 2020, I brought my team to Keller Williams ONEChicago with branches in Lincoln Park, Lakeview and O'Hare. To set up a consultation or if you have any questions, please contact me at 773-732-9898.

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    1525 W. Belmont Avenue, Chicago, IL 60657

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    [email protected]

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