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Chicago home values rose 13.8% in October

by Liz Hughes

While the housing market may be hotter than usual, the shift toward seasonal norms is starting to show and could benefit both buyers and renters. 

The housing market may be hotter than usual, but October saw a shift toward seasonal norms, including declining list prices, listings staying on the market longer and more homes going through price cuts before selling, according to a new report from Zillow. 

New data indicates the market may be returning to seasonality trends that didn’t materialize last year. According to the report, today’s buyers can expect less competition, giving them more time to decide on a home as sellers are becoming more willing to negotiate. 

Nationally, home-value appreciations eased for the third month in a row, as records were set for annual growth at 19.2%, more than $50,000 from last year. Rents also relaxed in October, as they fell month over month in eight of the country’s largest metros, according to the report. 

Chicago’s typical home value rose 13.8%, compared to October 2020, to $286,280, while home-value appreciation slowed compared to September. Rents increased 0.1% from September to $1,698. The median time on market for a listing was 12 days. The report also found the share of homes with a price cut in October was 21.3%.

“Home buyers shopping this fall shouldn’t expect the same frenzied demand that triggered bidding wars on listings this spring and summer,” Zillow senior economist Jeff Tucker said in a press release. “The normal seasonal slowdown of autumn has returned, when many families are busy with back-to-school activities and planning for the holidays. Buyers can expect less competition, meaning more time to decide on a house and the potential for prices to fall on listings they’ve saved on Zillow.”  

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