Chicago - Nov 2023 Market Update
Hopefully by now we’ve adjusted to the new daylight savings routine a week after the clock turned back an hour. In this month’s newsletter, we’ll cover Mortgage News, Rental Rents, Chicago Home Trends, as well as Local Events and Happenings.
Happy November!
Charcuterie board from Testaccio
Mortgage news
Mortgage rates fell to an average of 7.5% as of November 9, after a 7-week streak of increases (peak at 7.79% end of October) (CNN Business)
Mortgage applications (for purchase and refinance loans) have increased as rates decline.
Predictions: Rates are expected to decline in Q4 and 2024Q1, but not to pre-pandemic levels
Rental trends
Good (or cautiously optimistic) news for Chicago Renters: November median rent fell ~1.2% since October (+1.9% YoY), in line with the national -0.7% MoM% decrease starting in September (Apartment List)
Why? At peak pandemic (Aug 2022), there were nearly 60K new multifamily housing permits issued, and now that inventory is finally hitting the market, creating more supply and more options for tenants (US News)
Chicago Rental Market stats as of Nov 11, 2023 (Zillow)
*Chicago Zip codes include: 60623, 60629, 60639, 60617, 60649, 60625, 6032, 60634, 60608, 60618
Chicago Home trends (CAR)
September 2023 Market Snapshot for the City of Chicago:
Number of Properties sold in Sep 2023: 1,848 (-10.5% YoY)
Median Sales Price in Sep 2023: $324,950 (+1.5% YoY)
Average Days on Market in Sep 2023: 57 days (+6.6% increase YoY)
Inventory of Homes for Sale: 5,942 (-27.2% YoY)
Local Happenings
Events:
Nov 23: Chicago Thanksgiving Parade
Nov 17-Dec 24: Christkindlmarket (several locations)
Nov 17-Mar 10: Ice Skating at Maggie Daley Park
Where to see Holiday Lights around Chicago (several locations)
Other
Did You Know? Daylight Savings Time became a national standard in 1966 when President Lyndon B. Johnson signed the Uniform Time Act, which was established as a way to conserve energy (less use of lights at home). The reason why the time change occurs at 2am was to accommodate train schedules when the country first experimented with daylight savings time - no trains left New York City at 2am on a Sunday.