Real Estate is Local

We’ve mentioned before, there really is no such thing as a national real estate market. To say / think that would be to think that all communities/cities/states and supply and demand in these are all equal. Real Estate is highly local. In the real estate industry, one of the first things we are asked is: how is the market? My question thereafter is: what town?

Nationally, markets like those in California, Florida and Las Vegas have made national headlines over the years. Chicago, and the suburbs, have been overall more stable, with less drastic upswings and downswings. However, each market, even within the Chicago region, is different. The downtown Chicago market and that of the western suburbs has, overall, been booming, with properties that are priced well for condition and location selling (on average) quickly. In the southwest suburbs in which we work, where we have a lot more available inventory and new construction. Properties that are priced well for condition and location are moving, however.  The newer properties and availability of new construction and shopping/dining options, to name a few, have been just some of the reasons that people have been moving from other suburban regions, or the city, to the southwest suburbs of Chicago. This has been a great week for us as we have five new listings and offers within a few days of being on the market. The local market is doing well – better with each recent year.