The real estate market in Chicago, Illinois, has been experiencing a lot of activity lately. Despite the COVID-19 pandemic, the city’s housing market has remained strong, with high demand for properties and a limited supply of homes available for purchase.

According to the Illinois Realtors, in March 2021, the median price of a home in the Chicago metropolitan area was $280,000, up 13.7% from March 2020. This increase in prices is due to a combination of factors, including low mortgage rates, high demand for homes, and a shortage of available inventory.

Furthermore, the Chicago Association of Realtors reports that the number of homes sold in the city in March 2021 was up 24.2% from the previous year. This indicates that despite the pandemic, buyers are still eager to invest in the city’s real estate market.

One reason for this is the affordability of Chicago’s housing market compared to other major cities like New York and San Francisco. The city’s diverse neighborhoods offer a range of options for buyers, from historic homes in affluent areas to more affordable condos in up-and-coming neighborhoods.

Additionally, the COVID-19 pandemic has caused many people to rethink their living situations, leading to an increase in demand for larger homes with more outdoor space. This has been reflected in the Chicago market, with a surge in sales of single-family homes and townhouses.

Overall, the current real estate market in Chicago, Illinois, is highly competitive, with limited inventory and rising prices. However, despite these challenges, the city’s diverse housing options and relative affordability compared to other major cities make it an attractive destination for buyers looking to invest in the real estate market.