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