Chicago’s market is flooded with new listings each spring, making it a great time for homebuyers who want to consider many options, according to a recent report by Zillow. The report also found prices often drop during the late summer months, making September the best month of the year to find a bargain on a house in Chicago.
In 2016, the city had 16,700 new listings in April and 16,300 new listings in May, significantly more than the previous and proceeding months. The end of summer still has plenty of options for buyers as there were 14,100 new Chicago home listings in July and 12,900 new home listings in August.
Although spring is a great time to shop for a home and make an offer, Zillow cautions against buyers limiting themselves to those few months. March, April, and May are the most competitive months out of the year in Chicago, with more buyers paying above selling price. Buyers can wait until the later summer months for a better price. In September 2016, 19.9 percent of home listings came with a reduced price.
Zillow predicts the patterns that played out in 2016 will continue in 2017. Buyers will likely find more options during the spring, but prices will begin to drop in the late summer months.