Although outdoor temperatures may be chilly, Chicago’s real estate is feeling toasty warm.

The end of 2016 marked an upswing in Chicago’s real estate market, and all signs point to a continued rising path in 2017.

Chicago’s rising numbers bodes well for Elmhurst sellers in 2017, since most new buyers in Elmhurst move from Chicago to the suburbs

The other good news for sellers is that inventory of homes has remained low, and when buyers have fewer options, they tend to be willing to pay more.

In Chicago, 33% more homes went under contract in December of 2016 than they did in a comparable period in 2015, according to the Chicago Association of Realtors.

Data compiled by Crain’s showed that Chicago’s six-county surrounding area also saw a rise in homes under contract. December 2016 saw a 17% uptick from December 2016.

November 2016 was a similarly strong month, with double-digit increases in both the number of homes sold and the median sale price, for both city and suburban sales.

Experts point to rising interest rates for a 30-year mortgage, which make buyers feel a sense of urgency. Research also indicates that consumers are feeling an increased confidence since the November election. Zillow reported that interest rates in Illinois for a 30-year mortgage rose more than half a percentage point from 3.57 before the election to 4.12 in the last week of December.

Although a half-point change doesn’t represent a huge increase in monthly payments, any time rates start rising, buyers like to lock in before they get too much higher. This is particularly true now when combined with the uncertainty of the months ahead.

Another speculation as to the recent upswing in Chicago’s market is that buyers may have been distracted by the Cubs playing in the World Series run and the intense presidential election.

Whatever the reason, buyers appear to be ready to end the long recovery process. And with low inventories of homes for sale in Elmhurst and strong demand from Chicago buyers, poised to purchase in the suburbs, this spring 2017 market should be great for Elmhurst home sellers!

If you’re ready to make the plunge, either selling or buying, call us today! We’re happy to guide you through all the steps and make your dreams a reality. Call us at (630) 441-5570 or visit us at www.gmregroup.com.