Today we’ll look at some recent data from the end of August having to do with our Chicago market.
The end-of-August numbers are in for our Chicago real estate market. What do they tell us about the current landscape? Let’s pore over the numbers pertaining to single-family homes to find out.
Before we do, note that we’ll analyze each data point by doing a 10-year, three-year, and one-year lookback.
Feel free to follow along in the video above or use the timestamps below to navigate this market update at your leisure:
0:37—An often-forgotten point about the economics of the housing market
2:00—Median sales price
4:53—Months’ supply of homes for sale
7:46—Cause and effect of closed sales plus median sales price
8:10—The distinction between leading indicators and lagging indicators
8:45—My take on the overall state of the market
10:02—The key takeaways for homebuyers
10:54—The key takeaways for sellers
11:45—Wrapping things up
If you have any questions about what we covered today or about anything else real estate-related, please don’t hesitate to let us know. We’d look forward to hearing from you!