Markets & Economy

Zillow Real Estate Market Reports finds inventory falling in Chicago

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According to the January Zillow Real Estate Market Reports, low inventory is still plaguing the housing market and causing home prices to continue to rise.

  • The U.S supply of homes for sale is 8.6 percent below where it was a year ago.
  • Markets in the West tend to lean toward sellers, but buyers have more power in the East.
  • National home values rose 4.2 percent to $184,000 in January.
  • Rents rose 2.9 percent to $1,381.

“Hopeful buyers in a strong sellers’ market should be prepared to move quickly, since homes don’t stay on the market as long. In a buyers’ market, they can afford to take their time and be more selective,” said Zillow Chief Economist Dr. Svenja Gudell.

“However, low inventory is a factor affecting the majority of the country, so buyers should be prepared for a limited selection as we enter the home buying season.”

January Zillow Real Estate Market Reports

January Zillow Real Estate Market Reports top buyer and seller markets

In Chicago, the Zillow Home Value Index in January had a few major points:

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  • The ZHVI change year-over-year in January 216 was 2.9 percent.
  • The Zillow Rent Index changed 0.4 percent in January 2016 over January 2015.
  • Chicago inventory fell 3 percent annually.