Our real estate market remained pretty stable in 2019. Here’s what you can expect in 2020.
I’ve got a quick market recap for you today on what we saw in the real estate world in 2019 and what we can expect in 2020.
We finished the year positively in Chicago. The median sales price was up by 1.7%, and a positive number here is always good. Another interesting stat is the total number of closed units. We’ve seen a gradual decline in the last few years, and while it hasn’t had a big impact on price yet, it could down the road.
The other important data point we track is the inventory. We’ve seen it remain stable, but our level of inventory still technically has us in a seller’s market. As we slow down a bit, things have become a bit better for buyers, especially with the low interest rates we’ve had for the last few years.
Overall, 2019 ended as a strong, stable market. As we look forward to 2020, the data indicates that we should see more of the same. The market won’t be too strong in either direction and should remain pretty balanced. There’s no reason to hold back if the time is right for you to buy or sell a home.
If you have any other questions for us, feel free to give us a call or send us an email. I look forward to hearing from you soon.