Housing News

In the quiet suburbs and bustling cities across America, a significant portion of large, family-sized homes remain occupied by baby boomers. This generation, now between the ages of 60 and 78, holds the keys to many of the three-bedroom-or-larger homes, creating a bottleneck in a housing market desperate for more room.

In today's economic landscape, the question on many Americans' minds is whether the robust housing market is on the brink of a downturn. As we navigate through some of the highest mortgage rates seen in the last two decades, the resilience of home prices continues to puzzle and frustrate prospective homebuyers and market analysts alike.

As we approach 2024, the housing market in Chicago stands as a complex tapestry of high prices, low inventory, and a shift in buyer sentiment, reflecting broader national trends but also displaying unique local dynamics.

As Illinois grapples with a dramatic 65% plunge in housing inventory since the pandemic's onset, the real estate landscape reveals a market fraught with challenges yet ripe with localized opportunities.