Is Chicagoland’s Inventory Heading Towards a Surplus?

by James F. McClister

New State of the Real Estate Market from Movoto highlights significant gains in inventory throughout the country, but not every metro was so lucky.

It’s been a good year for the Windy City and things are only getting better, according to the latest State of the Real Estate Market report from Movoto.

In 2013, Chicagoland, and much of the nation, was suffering from a crippling shortage of inventory exacerbated by consistently high home prices, driven by heavy investor activity. Leap forward 12 months and the real estate landscape has drastically changed.

According to Movoto’s report, Chicagoland saw big increases to local inventory, which will help to satisfy a growing demand in the city. Year-over-year, inventory rose by an impressive 12.8 percent, bringing overall inventory to 8,767.

As Chicago Goes, So Goes the Nation

Throughout the nation’s major metro areas, the story is much the same, with several local inventories making considerable gains. Year-over-year, national inventory rose an impressive 15.4 percent, which should help reinforce buyer confidence.

Check out our graph below to see how our market compares with others around the nation:

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