What segments will have increased absorption rates?
Janet Owen: I think the absorption rates in the residential market will remain steady. My segment of the market, the high end luxury market, continues to thrive.
Mike Golden: We’ll see more affordable homes and luxury homes. Affordable is a relative term, of course. Homes that give buyers an entré into established areas or neighborhoods with a lot of promise are in high demand.
Keith Hancock: The high-end market, one million dollars and up, has the lowest absorption rates on the North Shore.
Sean Conlon: Yes, I think home prices will continue to rise, not quite at the magnitude of 2015 but in the select, desirable markets, prices will continue to gradually rise.
Rebecca Jensen: The last couple of years, the marketplace has been driven by pent-up demand due to lack of inventory. We are now seeing more and more Millennials buying homes. However, they are burdened with significant student loan debt. As a result, the rental segment may benefit.
Chris Feurer: The near North Side through the neighborhoods, such as Lincoln Park and Lakeview, will see increased absorption rates. This is where larger buildings are being built.
Jeanine McShea: New construction, for sure. Most buyers would prefer to have a newly constructed home if they can afford it, so there’s a lot of pent-up demand in the market given the limited inventory. This is especially true among empty nesters who are looking to sell their home in the suburbs and move to the city for a more walkable, urban lifestyle.
Leslie McDonnell: Most suburban areas will see higher absorption rates.