For Laura Hikman Chicago suburban lifestyle, Charleston of South Carolina, Pellemeto trees of Charleston and Cobalstone roads are ready to swap back, in which he and her children grew up.
He kept his downtown for-bedroom, single-family home in the market for a few months last year and said that he only provides “lobal” which he rejected. He never got a chance to bid the house that preferred in Chicago as he faced an all-kash offer, causing already limited inventory shelves to fly.
,We are waiting in Charleston to sell our home, and … will not sell anything here, “59 -year -old Hikman said, who works in the finance department of a medical office.” It was quite low. ”
Hikman has re -listed his Charleston Ghar in $ 1.5 million and is looking for a house between $ 800,000 to $ 1.2 million in the Chicago suburbs, where she feels that she feels for her deer in the square footage case More bangs will be found.
The story of Hikman is one that came out for homebukers and vendors in the Chicago-region market and the nation was raised as hostage rates and house prices last year. And in 2025, his hope for better luck has been shared by others involved in the real estate market.
Experts Were optimistic According to Illinois realteers, a trade association for real estate agents, after a significant decline in home sales in 2023, after a significant decline in home sales last year for a busy real estate market, but in home sales in Chicago and Statewide A slight decline was observed. At the national level, the sale of the existing house, which excludes new construction houses, fell to the lowest level in about 30 years for the second consecutive year, the National Association of Realteers Data Show.
A stubborn lack of inventory of homes for sale continues to plague the Chicago-region’s market, as the sellers were reluctant to give up their low mortgage rates, bypassing potential homebuilders such as Hikman. The strength also remained a challenge. In December, the Chicago Metropolitan sector increased 16.8% year-on-year at the national level as compared to only 3.2%, according to a senior economist of Zillo, Orf Divuungui.
“While the market became loose, it did not become as loose in the Chicago region as it was done in the rest of the country,” Divuguy said, citing a local labor market due to low mobility in the local labor market at the national level. At the national level at the national level.
According to Illinois realteers, the annual average price of a house in 2024 was $ 290,000 in 2024, an increase of 7.8% from the average price in 2023. For the Chicago Metro region, this number was $ 350,000 in 2024, an increase of 7.9% from the previous year. And within the city limits, the annual average price for 2024 came to $ 355,000, from 2023 to 7.6%.
Good news for local buyers? Divunguy said that Chicago was one of the top 10 metro regions to increase housing permits last year, with a 24% increase between January and August in 2023, Divunguy said. This means that a large supply of new homes in 2025, which can provide more options for the price increase and buyers in Chicago easily.
Steven Brant and his wife, Albiona bought a new condo in the South Loop last year. After the cross-country tour of the seven-year military careers and cities including Los Angeles, Miami and Boston, the couple landed in Chicago to purchase their first house due to the location of Chicago, the price of two-bedroom condo, new construction and enough Construction facilities.
He bought a house for $ 632,000 in October and got “lucky” with about 5.8% of his mortgage rate, which asked about 5,000 dollars (including property tax and homeowner association including fees), 31, Brant said.
“(Chicago) There is all types of vibes with my wife’s career (as an architect),” Brant said that who runs a startup distance from remotely. “This is the correct type of the city and what we like is the type of building for what we like and what kind of work we have.”
While some buyers like Brant were lucky with low mortgage rates, thanks to a drop end of summer Last year, the rates have already increased this year. Freddy Mac data shows more than 7% in January for the first time since May 2024, the Freddy Mac data shows the fixed-rate mortgage average. Increasing rates. And the Federal Reserve kept the interest rates stable this week, which does not directly affect the mortgage rates, but is a possible indicator that they can keep the rates high.
The December domestic sales figures for Chicago and Statewide suggest that more buyers jumped into the market before 7% of the spikes, as the sales of the house increased for the year of that month.
Along with Chicago Bazaar, the real estate is hyperlokal, calling a real estate agent. The Covid-19 epidemic fired a lot of buyers out of the city and left a lot of buyers to crave people in more space. Because of this, some downtown condo vendors are not experiencing multiple-offer shocks that have suburban domestic vendors and, in turn, are, SopAnd the building of the brant – even if it is new and provides more space – still does not have the capacity, he said. Closed sale began in 2023 for his building.
Heidi Graham and her husband sold their streetville to Kondo, including a parking space for about 23% loss in May. The $ 335,000 is the one-bedroom unit and the $ 40,000 parking space purchased in 2014 ended the total sales of $ 288,000.
Graham said that he was tired of renting the property and listed it for sale above which he paid for it in 2018 and then in the end of 2021 in 2022, but no one was found to take. Since they had bought the property, the building changed the rules so that only a certain percentage units could be rented. And parking sites are also not allowed to hire non -construction residents. Both rules make the unit less desirable, Graham said.
Graham, 54, said, “We knew that we were taking decisions in down-market to sell our place.”
Graham and her husband live in a “very big house” mainly with their Greyhound Slone (after the Girlfriend of Ferris Beeol) – five bedrooms and about eight dog beds, a number that decreased after Ferris after Ferris in Arlington Heights. Was, Greyound died last year, he said. , They own two Gold Coast Kondos, one is rented and the other is expected to sell units Graham for a one day for damage for their own tour.
To sell his arlington heights home, he said “now he is in a holding pattern,” “if it is not broken, don’t fix it” for the mantra.
After 2024 brought uncertainty for many people fight Real estate agents turned into real estate industry as rules around the commissions and ElectionTony Matar, Graham’s real estate agent who works CompassHe said that more buyers and sellers will come on the market in 2025.
“If you … you beat your rent or have another child, you do not have the luxury to sit on the shore and wait,” said Matar. “We are going to see even more in 2025 … because further and further we get away from the spike in interest rates, it becomes more common to accept only interest rates (for) what they are. ”