Mitir Patel/Insights
Chicago market notes.
One short note a week on where buying and selling in Chicago actually stands — rates, prices, how fast homes are moving, and what it means for a decision. Plain language, every number sourced and dated, no forecasts.
Rates jumped to 7.28%. Check your budget before you offer.
Mortgage rates took a real jump last week. The average 30-year rate hit 7.28% in Freddie Mac's October 1 survey, up from 7.03% a week earlier and 6.34% a year ago. Here's what that means in dollars.…
Chicago has 23% fewer homes for sale than a year ago
The big story in Chicago right now is how few homes are for sale. In August, the city had 3,541 homes on the market, down 23% from a year earlier, according to Illinois REALTORS®. The median sale…
Rates are over 7%, and Chicago has fewer homes for sale
Mortgage rates are still just over 7%. The average 30-year rate was 7.03% in Freddie Mac's September 24 survey. The newer news is about how many homes you can choose from. In August, the Chicago area…
Mortgage rates passed 7%. Here's what that means for a payment.
The average 30-year mortgage rate is now 7.03%, as of September 24. That's up from 6.95% a week ago and 6.30% a year ago. The weekly change is small. On a typical Cook County home, about $384,000 in…
Rates jumped to 6.95%. Re-run your pre-approval.
Last week I said mortgage rates had edged up. This week they moved more. The average 30-year rate rose to 6.95% as of September 17, up from 6.76% a week earlier and 6.26% a year ago. On a $426,000…
Inside the city limits, the market is firmer than the county
Last week I shared that bidding wars were easing across Cook County. Inside Chicago itself, the picture is firmer. In August, city homes sold for about 1.4% above their asking price, on average. A…
Bidding wars eased across Cook County in August
Something actually changed in the Chicago numbers this month. In August, homes across Cook County sold for 5.1% more than a year earlier. In July, that figure was 8.6%. Prices are still rising — just…
Stop timing the rate. Size the payment.
Quick update from last week: rates didn't hold steady — they went up. 6.71% on a 30-year loan as of September 3, up from 6.66% a week earlier and above the 6.50% of a year ago. It's bounced between…
Where Chicago buying stands: rates flat, prices up, room on stale listings
Where Chicago buying stands this week. Mortgage rates have gone nowhere all summer — 6.66% on a 30-year loan as of August 27, and slightly higher than a year ago. If you've been waiting for rates to…
Thinking about buying or selling in Chicago?
These notes are the plain-language version of what I watch every week. If you want it applied to your own budget, your block, or your building, send a note — no pressure and no pitch.
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