Life in the midst of a global pandemic has forced us to take it day by day creating a “new normal” in our everyday lives. Nothing can be taken for granted anymore.

Unemployment at record highs and Federal interest rates at record lows has created a bubble that Americans were waiting for to burst. Although looking a lot like the market crash of 2008, it was apparent that the U.S. government was not going to let history repeat itself.

The real estate market is surprisingly stronger now than it ever has been. Advancements in technology have raised buyer and seller motivation through the roof. Rather than taking a personal day at work to tour a property, buyers are able to view a handful of properties in a minimal amount of time with virtual tours. Not only making the process efficient, but also enjoyable as there are so many tools at your disposal.

Current Market

According to a report by the Illinois Association of Realtors, Chicago currently has historically low inventory levels. This means that properties are on the market for a short period of time before being bought. Current inventory averages about one to two months of available market property.

In October, Chicago experienced a year-over-year sales increase of 21.9% while raising the median price 14.5%. For the entirety of the state, Illinois saw sales rise 39% with the median price up 14.2%.

Along with having the highest average rent, River North and River West have the highest rate of population leaving the city. A large population of Chicago is ready to give up their small condo for a large suburban house.

Leaving Chicago

Living in the big city has always been a hot commodity with all it has to offer (loop work locations, restaurants, nightlife, etc.) . However, that seems to be changing with the new society we have had to adapt to. Both individuals and families have been craving more space and expressing a need for backyards. Home offices have become the norm and privacy and security has been something many have been adding to their home search checklist.

March to September of last year showed a 10% increase in change of address forms from Chicago, revealed by the U.S. Postal Service. But where are these people all going? Some are saying goodbye to Illinois, but many are transitioning to life in the suburbs. Neighboring suburbs in DuPage County welcomed a large city population into their cities.

City life is all fun and active until you add a pandemic into the mix. People feel unsafe with the density of the population and quite frankly are looking for the flexibility the suburbs have to offer.

With the low interest rates mentioned earlier, home owners are taking full advantage of refinancing their mortgages allowing them to keep a little more cash in their pocket making home owners confident in the transition over to the suburbs.

Moving Forward

The real estate market is on no path to slow down anytime soon. Fear and uncertainty have decreased the number of listings forcing the current market to appreciate respectively. Along with that, properties are being sold quicker than they ever have been.

Are you ready to move out of the big city? Don’t worry, there is no rush. Although nearly 40% of adults are considering moving away from the urban setting, according to a recent Harris Poll, the bright city lights we all love, make the big decision a tough one.

Whether you are thinking about selling your city condo or moving to the suburbs, a real estate attorney is an essential role in the process. Contact Tannehill Law today if you are seeking professional legal guidance to assistance you in your next move today.

Written by Sean Tannehill with co-author Melissa Tannehill.