Home Sales Closing Faster in Chicago

Selling a home in Chicago this year is becoming a quicker process, so far.


Crain’s Chicago Business reported that the number of days it took sellers in Chicago and its suburbs to sell their homes dropped in January, according to data from the Chicago Association of REALTORS® and Midwest Real Estate Data.


According to the Crain’s story, single-family homes that sold last month in Chicago had been on the market for an average of 93 days before selling. That’s down from an average of 109 days in January of last year.


Crain’s reported, too, that condominiums and townhouses in the city of Chicago that sold in January had been on the market for an average of 97 days. That’s a slight dip from an average of 98 days in January of 2016.


These numbers are impressive. Crain’s reported that homes in the city sold faster this January than they have during the first month of any of the previous 10 years.


What’s behind the faster sales? It could be because Chicago has a relatively low  inventory of homes for sale today. The demand for single-family homes and condos in the city is higher than the supply of available properties. This means that homes located in desirable neighborhoods and priced properly will often sell quickly.


At the same time, the economy continues to improve. This results in more confident consumers. These consumers are more likely to stop debating about whether it’s time to buy a condo or single-family home and actually jump into the market.


Of course, just because homes are selling faster today, doesn’t mean that your property will do the same, if you don’t price it right, stage it so that it looks its best and work with a REALTOR® who can properly market it to the deepest pool of available buyers.


Make sure, then, to take these steps before listing your home. If you do, the odds are far higher that your Chicago home will sell faster.