Crain’s Chicago Business: January Home Contracts Hit Nine Year High

Interest rates and buyer preferences are accelerating Chicago’s real estate market.

The real estate market is accelerating in Chicago. According to data from the Chicago Association of Realtors cited by Crain’s Chicago Business, buyers put 1,956 houses, condos and townhouses under contract in January. That’s more than they have in the past nine Januaries.

Jean-Marie Minton, a Keller Williams Chicago-O’Hare agent, told Crains, “That’s not what we expect in January.” She continued, “Some of it was probably people relaxing after the election, but a lot of it is interest rates. People are paying attention to that.”

In addition to interest rates, consumer preferences are also another potential factor contributing to this trend. Januaries are getting increasingly busier as more buyers try to beat the spring real estate rush.

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