@properties Co-Founder Thad Wong Talks Chicago’s Real Estate Market with FOX 32 Chicago
In the real estate business, Months’ Supply of Inventory forecasts how long it would take to sell off the remaining supply of available homes given the current pace of sales. While four to six months is generally considered a balanced market, inventory levels across Chicagoland dipped below two months’ supply in February, meaning it’s a sellers’ market in many areas.
In a recent interview with FOX 32 Chicago, @properties co-founder Thad Wong said that today’s competitive market has been spurred by a desire for more space amid the COVID-19 pandemic. Given all the time spent at home over the past year, housing needs have changed and people are looking for properties that can accommodate their current lifestyle. That, along with record low mortgage interest rates, has driven buyer demand.
Thad also addressed Chicago’s recent strong home price growth, which has been fueled by low inventory and high demand.
Responding to a reporter’s question about whether homebuyers are overpaying for homes right now, Thad said, “I don’t think so. We’ve had very stagnant appreciation over the last number of years. Pricing in Illinois and Chicago has been almost flat, so in a lot of ways, we’re catching up to the rest of the country.”