State of Chicago real estate market

Houses for sale still getting multiple offers
CHICAGO (WLS) -- Maybe you've been sitting on the sidelines, not sure if you want to jump into the real estate market.

ABC7 Chicago has heard stories of sellers getting multiple offers, buyers paying more than the asking price and now some people can move anywhere because of remote working.

So what does all of that mean for Chicago's real estate market right now, as the new year approaches, marking nearly two years since the start of the pandemic?

WATCH: Our Chicago: State of the real estate market Part 1


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Chicago real estate experts weigh in on the state of the market.



"If a home is priced correctly, sellers are still seeing multiple offers, above ask sometimes, they are going under contract quickly and in general in Chicago median close prices are up," said Antje Gehrken, president of the Chicago Association of Realtors and president and designated managing broker for A.R.E Partners. "That being said, it's still a great time to be a buyer. The market is stabilizing; buyers have a little bit more breathing room and plus they have the advantage of lower interest prices and greater buying power in the city."

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So what are things like in the suburbs? Samantha Jones is with the Homes By Jones Team - Coldwell Banker Realty, located in the western suburbs.

"Everything is unprecedented here because so many factors have aligned. And over the last nine to 12 months, the suburbs have actually seen the highest appreciation in home values and as a result the highest demand, prevalence of bidding wars that really we've ever seen," Jones said.

WATCH: Our Chicago: State of the real estate market Part 2


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Chicago real estate experts weigh in on the state of the market.



But there is some welcome news for buyers.

"The market has softened a bit; the market has regulated a bit to some extent in the suburbs. Whereas a couple of months ago, with those dozens of offers I mentioned, now it's maybe three or four who are up against a buyer. So there are some opportunities here to enter the market," she said.
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