July saw demand for homes in the Chicago market dip considerably, according on a recent report from real estate website Redfin. Specifically, the Windy City dropped to 82 on the company’s Housing Demand Index — down from 101 in June and below the July national average of 94.
Calculated by tracking the number of tours taken and offers written by homebuyers during a given period, the localized shift in index was driven by Chicagoans taking ten percent fewer home tours while writing 37 percent fewer offers. Unusually low inventory is also to blame as the index is largely affected by number of homes available for purchase.
Despite the recent dip, there’s no cause for panic according to Redfin real estate agent Marcus Rolle. "While I did see some slowing in demand this July, it has picked right back up in August and I expect the trend to continue into September," explains Rolle.
"Many sellers put their homes on the market right after school starts, because there’s another rush of buyers who are intentionally starting their search after the traffic and competition of the spring and summer.
"That drives interest, though for certain areas and price points, we’re seeing multiple offers almost year round. For example, condos in Lakeview, Lincoln Park and the West Loop priced in the $400,000s and $500,000s are always hot, since they appeal to move-up buyers who want more space in those neighborhoods."
Click here to check out Redfin’s complete nation-wide Housing Demand Index report.