Most large U.S. housing markets now favor buyers. Chicago does not. According to a Redfin report covered by FOX 32 Chicago on October 15, the Chicago metro area is balanced: sellers outnumber buyers by 6.5%, which means neither side holds a clear negotiating advantage.
The numbers
- Chicago is one of only four balanced markets among the 50 most populous metro areas. The others are Boston, New Brunswick (NJ) and Providence (RI).
- Nationally, sellers outnumber buyers by about 63%, the widest gap Redfin has recorded. Only five of the top 50 metros are seller’s markets.
- Redfin senior economist Asad Khan called it “a buyer’s market born out of caution, not strength.”
Redfin’s Chicago figure covers the whole metro area, from the city to the western and southwestern suburbs. Individual towns, neighborhoods and price ranges can feel very different from the average.
What balanced means if you are selling
- Price it right from day one. In a balanced market, an overpriced home tends to sit and then take price cuts.
- Condition and presentation matter. Buyers have choices, so a well-prepared home stands out.
- Expect negotiation on price, inspection items and closing dates, not a rush of bidding wars.
What balanced means if you are buying
- You likely have more room to negotiate than in recent years, but less than buyers in the hardest-hit Sun Belt markets.
- Good homes priced well can still draw competition, so line up your financing before you shop.
- Ask your agent for recent results in your target town and price range, not just the metro average.
If your next chapter is in Florida
Redfin’s September data shows a very different picture in the Tampa metro, where sellers outnumbered buyers by 103.7%, and in Miami, at 158.9%. For an Illinois homeowner heading to Tampa Bay, that can mean selling in a balanced market and buying in a market where buyers have more room to negotiate. It is not a guarantee, and every community and price range is different.
The challenge is timing a sale and a purchase together. That is the problem our dual-license practice is built to solve, and our free Relocation Guide walks through the process.
Questions to ask before you list or shop
- What are comparable homes in my town and price range doing right now?
- How long are similar homes taking to sell, and how often are they cutting prices?
- If I am selling and buying, how should I time both?
- What will I actually net after costs?
Sources
General information, not legal, tax or financial advice. Confirm details with your lender, attorney and tax advisor.