As the end of 2021 nears and everyone continues to navigate through a pandemic in effort to strive for a path or normalcy, the real estate market continues to report fluctuations across both buyer and seller markets.
Data shows that in spring of 2021, renters lead the market with close to 10,000 units being closed showing the most powerful quarters for leasing in the past 10 years throughout the Chicago market. Exceeding previous years, 2019 through 2020, this spike is now rounding out to 50p percent higher. This can be linked back to employees returning back to work in offices across the country.
On the flip slide, when looking at the housing market, soaring prices are putting first time home buyers in a panic. The repercussions of 2020 now result in scarcities across inventories resulting in elevated labor and construction costs. For affordable and low-income properties, around 80 percent of the median listing price reports less attainable for destitute budgets.
Parlous reports have been common in the real estate market month-over-month depending on the location and trending movements as a result of the economy. However, on account of this, it’s paramount to stay up-to-date on real estate news and effective results.