Crain’s Chicago Business: Chicago Listings Reach 10-Year Low

Inventory is often lowest in January.

There’s a significant shortage of inventory in Chicago’s real estate market. There are fewer homes for sale than there have been at any time in the last decade, meaning that the way both buyers and sellers operate in the market is about to change.

According to a Chicago Association of Realtors report cited by Crain’s, there were 7,028 homes on the market in the city in the week that ended on January 7. The lowest the report had hit before that was in January of 2007 when there were 7,297 homes on the market. And while inventory is often lowest in January, it has the potential to shape the rest of the year.

Matt Silver, CAR’s president and partner with Urban Real Estate, told Crain’s, “You’d better have your ducks in a row, because it could be a fast-paced market with such low inventory.”

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