Market Conditions: Chicago Inventory Falls Another 8.5% in July 2024 As Sales Rise 5.3%
The biggest story with Chicago housing in 2024 hasn’t been the slow sales, but the inventory decline. In July 2024, inventory dropped again, even as it rose statewide.
From the Illinois Association of Realtors:
The city of Chicago saw a 5.3 percent year-over-year home sales increase in July 2024 with 2,161 sales, up from 2,052 in July 2023. The median price of a home in the city of Chicago in July 2024 was $360,000, an increase of 5.9 percent from July 2023 when it was $340,000.
Here’s the July data since 1997 (thanks, once again, to G for the historic info):
- 1997: 1,694
- 1998: 2,139
- 1999: 2,186
- 2000: 2,013
- 2001: 2,410
- 2002: 2,661
- 2003: 3,105
- 2004: 3,429
- 2005: 3,487
- 2006: 3,088
- 2007: 2,819
- 2008: 2,200
- 2009: 2,040
- 2010: 1,631
- 2011: 1,666
- 2012: 2,088
- 2013: 2,902
- 2014: 2,725
- 2015: 3,082
- 2016: 2,780
- 2017: 2,698
- 2018: 2,803
- 2019: 2,708
- 2020: 2,793
- 2021: 3,350
- 2022: 2,481
- 2023: 2,052
- 2024: 2,161
While sales rose, they still remain near levels last seen in 2012 which was still during the housing bust.
“Closed sales and median sales price increased in July, which is indicative of the summer market,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Potential sellers should talk to a REALTOR® to determine the right time to get into the market.”
Statewide inventory was up 6.3% to 20,718 from 19,494 properties last year.
But in Chicago, it fell again, declining 8.5% to 4,955 properties from 5,415 homes in July 2023.
“Our housing market forecast highlights how sales activity and house prices are expected to decline in the coming months following typical seasonal trends,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago.
“In July, inventories slightly increased statewide and in the Chicago Metro Area but declined in the City of Chicago. Inventories remained near historic lows and suggest that the market will continue to be highly competitive and challenging for homebuyers. Our forecast estimates that the coming three months will have slightly lower levels of sales activity, but higher prices compared to 2023.”
The Chicago inventory decline over the last 4 years:
- 2021: 9392
- 2022: 8238
- 2023: 5415
- 2024: 4955
Days on the market in Chicago remained unchanged at 28 days.
The 30-year fixed rate mortgage averaged 6.84%, down from 6.92% in June 2024 but at the same level as last July.
Median price was at new highs at $360,000 with single family homes up 11.9% to $350,000 and condos up 2.7% to $374,848.
The low inventory issue has apparently continued into August. Just taking a quick look at some of the GreenZone neighborhoods on Redfin (these are active properties only):
- Lincoln Park = 185
- Lakeview = 210
- Bucktown = 66
- River North = 345
- Streeterville = 317
- West Loop = 141
- Logan Square (now in the GreenZone?) = 119
Fall is usually when inventory falls. Will it set another new low later this year?
Illinois home sales, inventory and median prices increase in July [Illinois Association of Realtors, Press Release, August 22, 2024]
A big part of selling and buying in Chicago is people upgrading to bigger/nicer places in better neighborhoods. With talk of increased taxes to bridge a billion dollar deficit, people probably aren’t as comfortable making that jump. I’m not saying this is the entire explanation, but it is probably part of it. Sadly, people are staying in their places without taking the leap because of uncertainty in the city and its disastrous politics.
I agree.
My anecdotal evidence concurs. Trump cannot really change much (on the ground in Chi) if he wins. If Kamala wins, the prospect of 4 more years of this current trajectory will seriously start the process of flight. To either the burbs or new states. I think a Kamala victory will hasten the disgust with modern urban locales, and Gen Z will choose to bail on the (now sketchy) partying scene and get married sooner.
“With talk of increased taxes to bridge a billion dollar deficit, people probably aren’t as comfortable making that jump.”
Chicago and Illinois have been bailed out by the pandemic delaying the day of reckoning. All of these mismanaged deep blue legacy northern cities are likely in a similar boat & they will be looking to DC for another bailout so they don’t have to engage in structural reform with their pensions.
If no bailout from DC the taxpayers will be the next target as you can be absolutely assured the public sector unions who call the shots will absolutely not be giving up any of their expropriated gains.
Go ahead and “invest” in Chicago RE while the unions still have a stranglehold grip on the city, county & state government and then be shocked that you the one next in line to foot their bill.
Helmethofer,
Trump can’t change much in Chicago but Kamala will hasten Chicago’s demise. So Kamala is more powerful than Trump?
Gary: Trump offers hope, but I’m saying in IL and Chicago we are the last place any of that hope will arrive, if he even wins. Plus, he’s only one person so it won’t affect much here anyway if he does win.
If Kamala wins, it means the current trajectory continues, perhaps even with more acceleration of the policy.
Right?
PS I hope people are happy to learn about the Crain s paywall thing:
http://www.archive.ph
you’re welcome
“If Kamala wins, it means the current trajectory continues, perhaps even with more acceleration of the policy.”
The current trajectory continues no matter what. The president has very little impact on local policy – unless they decided to 1) punish cities that don’t fall in line, which is a real possibility under Trump or 2) throw money at failing cities, which even Kamala wouldn’t be able to get through congress.
The only thing that will save Chicago is the math and there is not even a guarantee of that. It could easily go into a death spiral like the south suburbs if they try to tax their way out of this problem. This is just one reason why I left. Old house property tax = $24,000. New house property tax = $7,000. Roughly the same value. Illinois income tax = 5%. NC income tax = 4.5%.
Gary,
The issue with fleeing places like Chicagoland to NC is that others are doing similarly. Much of my extended family that aren’t doctors or lawyers are fleeing the northeast because its impossible to buy a home (even before the pandemic) with today’s wages.
One cousin wound up in NC with his family. They aren’t D voters fortunately, but you’d better believe many of the refugees will be susceptible to the media propaganda that D = you care about others/virtue and will vote for the same policies that killed upward social mobility in the areas they fled from. So yeah it might be great now, but in some years stupid is as stupid does and they’ll vote their feelings and it will be ruined there too.
Bob,
There’s an even more insidious problem lurking. The Democrats have some crazy ass policy ideas but unfortunately there is currently not an acceptable alternative. The Republicans have disqualified themselves from consideration for putting party above country. There are many people like me that never voted D prior to 2020 (voted Gary Johnson 2016) and never made political contributions before. You heard them speak at the DNC. But now I vote a straight D ticket and donate to Democrats in close races in other states. I look forward to the day when I can vote Republican again if ever. If the Republicans don’t get their act together the future is bleak regardless of who is in power.
There is a political re-alignment afoot. You can use whatever post-hoc rationalizations you want to vote for the left & that is your right but don’t expect to be insulated from the consequences of their policies.
Thanks for fleeing Illinois and helping turn a red state blue. You must be so proud of yourself.
I am extremely proud of my votes and my political contributions. And for the first time in like 23 years my vote really matters.
The policies of the left could really hurt me but they are reversible. The policies and culture of the right will hurt us all much more and may not be reversible.
Just to give you an idea of what the RepubliQans are like here. The Lt. Governor is a total nutjob and apparently your Web page has to highlight your Christianity and contain a photo of you in camouflage holding a rifle in order for you to be a credible candidate. I’m not making that up. We voted in the RepubliQan primary to keep the nutjobs off the ballot but it didn’t make a difference.
NC is a toss up state. I can’t wait to see how this election goes.
“Thanks for fleeing Illinois and helping turn a red state blue. You must be so proud of yourself”
NC was always going to be purple and probably go blue over the next decade. After all, Raleigh is the “sister” city to San Francisco, complete with a second Apple headquarters. And look at how much migration has happened over the last 4 years.
“They aren’t D voters fortunately, but you’d better believe many of the refugees will be susceptible to the media propaganda that D = you care about others/virtue and will vote for the same policies that killed upward social mobility in the areas they fled from.”
What’s their reason for voting Maga? And yes, there is a difference between “republicans” and “magas.” They are not the same thing and shouldn’t be in a “party” together. The moderate Republicans have been forced out. Those are the Kinzinger Republicans. But where will the Nikki Haley voters go? They will likely stay home or do like Gary, as they don’t want to vote Maga.
Why vote Maga? What is in it for them on a policy level? Trump’s economic plan involves putting 60% tariffs on all Chinese goods and 10% on European goods. It’s massively inflationary.
And now he just proposed “free” IVF for all. Either the government will pay for it or private insurance. Is that going to sway them?
“The current trajectory continues no matter what. The president has very little impact on local policy – unless they decided to 1) punish cities that don’t fall in line, which is a real possibility under Trump or 2) throw money at failing cities, which even Kamala wouldn’t be able to get through congress.”
The Feds have been “throwing” money at the cities for decades. It’s thanks to Obama and federal funds that Chicago has:
1. New red line stations
2. The riverwalk
Los Angeles has an entirely new subway line thanks to the Feds.
Chicago is trying to get federal funds to renovate Union Station. That will be a biggie, if we get it. Army Corp of Engineers has a record budget this year of $9 billion. Some of it will go to cities, some will not. Congress is looking at passing $10 billion for 2025, another new record.
Don’t forget, major cities are 2/3rds of the nation’s GDP. Of COURSE the Feds should be “throwing” money at them.
“If Kamala wins, it means the current trajectory continues, perhaps even with more acceleration of the policy.”
Thank god. Someone has to save social security and women’s rights. Oh, but wait, Trump is giving everyone “free” IVF if he wins.
Lol.
“Trump can’t change much in Chicago but Kamala will hasten Chicago’s demise. So Kamala is more powerful than Trump?”
Apparently, he’s saying “yes.” Kamala will actually be competent and will have some influence over the major city mayors and state governors. Lol.
“Chicago and Illinois have been bailed out by the pandemic delaying the day of reckoning. All of these mismanaged deep blue legacy northern cities are likely in a similar boat & they will be looking to DC for another bailout so they don’t have to engage in structural reform with their pensions.”
Bob, you live in Chicago and you make a statement like this? I expect more from you.
The pensions HAVE BEEN REFORMED. Actually happened years and years ago. The problem for Chicago, and Illinois, isn’t what some 30 year old is paying in and will get, it’s what that 60 year old is going to get and that many cities (more than just Chicago) have “underfunded” their pensions. Courts put in mandatory payments so that there wouldn’t be ZERO in there when the Baby Boomers started collecting. This is why Rahm HAD to find like $500 million when he took over as mayor. The underfunded payment was due.
Similarly, not all of the $1 billion deficit this time is pensions, but there are several big payments in there too.
So, no, DC doesn’t have to “bailout” Chicago. Those changes have been made. Millennials are NOT getting the pensions of their grandparents.
But until the Baby Boomers die, it’s going to be tough. Chicago was underfunding for years. It was always going to be like this for whomever won this mayoral race. And Vallas’ solution? He wanted to “borrow” against the pensions! Ba ha ha ha.
Johnson doesn’t have many good choices. Will likely have to do a combination of job cuts and raise taxes somewhere. Rahm chose property taxes because it’s the only place you can get mass amounts of money quickly. I’m assuming Johnson will also tap it. But Chicago taxpayers can only take so much.
Perhaps this will be the year when the size of the city’s workforce will decline?
“If Kamala wins, the prospect of 4 more years of this current trajectory will seriously start the process of flight. To either the burbs or new states.”
Chicago is now at peak employment as of July 2024. It joins a list of about 25 other cities which also now employ more than in 2019 before the pandemic. San Francisco, however, is not among those that employs more. It’s still “down” 97,000.
Some cities, like Detroit, had a previous employment peak in the 1990s. It’s going to take a lot more job growth to reach the 90s levels there. Several other Midwest cities were also at peak employment.
“Sadly, people are staying in their places without taking the leap because of uncertainty in the city and its disastrous politics.”
Inventory is just as tight in the suburbs. What explains that?
“There is a political re-alignment afoot.”
Agreed. There is the Democrats and now, the Magas. The Republicans have ceased to exist. Moderates like Mitt Romney have been driven from office. Magas, however, don’t have enough votes to get anything done in either the House or the Senate. This is why Speaker Johnson must make deals with the Democrats.
The upcoming budget discussions are going to be interesting, right? Trump wants them to shut down the government at the end of the month. Will Johnson play along?
“Agreed. There is the Democrats and now, the Magas. The Republicans have ceased to exist. Moderates like Mitt Romney have been driven from office. Magas, however, don’t have enough votes to get anything done in either the House or the Senate.”
I’m not so sure any more that the MAGA portion of Congress, like the voting public in general, is just an impotent fringe movement. Yes, the Romneys of the world have no political future, and the Garys of world are either not voting or are reluctantly voting Dem. But I think there’s a larger portion of people who have now grown accustomed to the new GOP and are willing to vote for it. Over the past year or so, the combination of inflation fatigue, woke/PC fatigue, and concerns over Biden’s decline has inspired a lot of people, especially younger voters and non-white voters (key Dem voting blocks), to look past MAGA’s warts and cast a vote for Trump. Anecdotally, over the past six months I’ve observed this trend to a shocking degree.
““Agreed. There is the Democrats and now, the Magas. The Republicans have ceased to exist. Moderates like Mitt Romney have been driven from office. Magas, however, don’t have enough votes to get anything done in either the House or the Senate.”
The Democrats? The Dem party of today would be unrecognizable to the typical Obama voter. Moderates like John Tester are being driven from office.
This isnt a 1 party problem.
“woke/PC fatigue”
I, too, am tired of people bitching about the Golden Rule applying equally to people who look “different”.
“I, too, am tired of people bitching about the Golden Rule applying equally to people who look “different””
4 legs good, 2 legs better?
Quality and equity arent the same thing
“Quality and equity”
fun typo.
Making it a slashie (which, tbc, I agree is accurate) imo emphasizes what the bleating is actually about.
If it were all about equality v equity, they wouldn’t need to object to buzzwords, but would be able to talk about policy. But their target market for the bleating have a hard time beyond “other = bad”, and might actually agree with a lot of the “policy” that would be “bad”.
“If it were all about equality v equity, they wouldn’t need to object to buzzwords, but would be able to talk about policy. But their target market for the bleating have a hard time beyond “other = bad”, and might actually agree with a lot of the “policy” that would be “bad”.”
This line of argument goes both ways. the Grey area and not being 100% confident that ones opinion is absolutely correct is completely gone from discourse
“The Democrats? The Dem party of today would be unrecognizable to the typical Obama voter. Moderates like John Tester are being driven from office.”
No they’re not. Not even close. It’s the state of Montana Maga voters who will drive him from office, if he loses, which I don’t believe he will. I pray for Montana that they aren’t THAT dumb.
Democratic party is actually really broad right now. They’ve been able to keep it together with some good leadership but not sure how long that will last. You have progressives, centrists, former Republicans. But in the past, they’ve managed to have the Blue Dogs in the “tent.”
Every political party goes through changes. But the Republicans have completely imploded. It doesn’t exist anymore.
“But I think there’s a larger portion of people who have now grown accustomed to the new GOP and are willing to vote for it.”
Any Reagan Republican is considered a “traitor”- see Mitch McConnell. They can’t even keep a Speaker of the House – see McCarthy. The “fringe” group ousted McCarthy and then couldn’t replace him with anyone.
“Over the past year or so, the combination of inflation fatigue, woke/PC fatigue, and concerns over Biden’s decline has inspired a lot of people, especially younger voters and non-white voters (key Dem voting blocks), to look past MAGA’s warts and cast a vote for Trump.”
Harris now the candidate so Trump is toast. He doesn’t even have a nickname for her. He isn’t even doing rallies, even in the swing states.
“No they’re not. Not even close. It’s the state of Montana Maga voters who will drive him from office, if he loses, which I don’t believe he will. I pray for Montana that they aren’t THAT dumb.”
So, forget all that you see
It’s not reality
It’s just a fantasy
“Democratic party is actually really broad right now. They’ve been able to keep it together with some good leadership but not sure how long that will last. You have progressives, centrists, former Republicans. But in the past, they’ve managed to have the Blue Dogs in the “tent.”
LOL, you are insane
“Democratic party is actually really broad right now.”
I guess if you include enough special interest groups you can call it broad. The only people missing from this list are 30 – 65 year old white men. https://democrats.org/who-we-are/who-we-serve/
Don’t get me wrong. The alternative is much worse.
“He doesn’t even have a nickname for her.”
Yeah, he does and it’s pretty good: Komrade Kamala
…good in that it’s clever. Not that a nickname should influence smart voters.
“What’s their reason for voting Maga?”
“Why vote Maga?”
If you can’t understand that those voting for the R nominee is a broad coalition of different groups voting so for different reasons I see no reason to entertain this discussion further.
“If you can’t understand that those voting for the R nominee is a broad coalition of different groups voting so for different reasons I see no reason to entertain this discussion further.”
What’s the reasons? His first term was chaos. And now he’s 8 years older. He can’t even remember who he is running against half the time. He doesn’t have Paul Ryan to get legislation through the House so it will be a complete disaster on the Hill. He wants to put tariffs on every item coming into the United States which will push up costs and now wants to give free IVF to every American who wants it (how we’ll pay for that is not explained.)
What’s the “coalition”?
Magas are about 45% of the Republicans. Who else is “in” the coalition? Not the moderate Republicans.
Bob, you had no trouble explaining why you were voting for Trump 8 years ago or even 4 years ago. Why do you have trouble expressing it now?
“Yeah, he does and it’s pretty good: Komrade Kamala”
This is what he’s settled on? That’s news. He used to be good (dare I say that) at mocking the person with his nicknames, which is why his fans loved it (“lyin Ted” or “Little Marco”.)
Komrade Kamala?
Lame.
“LOL, you are insane”
Nope. Nancy got through a ton of legislation with just a 6 seat majority. She got the progressives to join the moderates and the centrists. Of course, she was a phenomenal speaker, which is now obvious when there is one who cannot even get half of his caucus to agree on anything.
Lord help us later this month with the budget deadline.
Nancy being effective and having a broad base are not the same thing
Yeah hopefully The Dems wont shutdown government over allowing illegal immigrants to vote
“What’s the “coalition”?
I’m not your Google.
“Bob, you had no trouble explaining why you were voting for Trump 8 years ago or even 4 years ago. Why do you have trouble expressing it now?”
You can believe whatever you want about who I voted for or what I posted back then, go try to find those posts please be my guest.
I think the SSRIs, wine, or toxoplasmosis from the cats may be getting to you.
“I think the SSRIs, wine, or toxoplasmosis from the cats may be getting to you.”
Dang. Joining in on the JohnnyU camp. Yikes.
“Yeah hopefully The Dems wont shutdown government over allowing illegal immigrants to vote”
Don’t you mean the Republicans shutting it down? They have the majority. It’s not possible for the Dems to shut it down.
“Nancy being effective and having a broad base are not the same thing”
There IS a progressive wing of the party, is there not? Quite a number of Congressmen in it. Right?
Yet somehow Nancy got through all the budgets and major legislation such as the infrastructure bill.
THAT is leadership and keeping all the wings of the party in line. It’s completely missing on the Republican side which is why there is chaos. The Magas do one thing. The Freedom Caucus another. The moderates have been expelled, so they don’t have to worry about many of those. Does anyone honestly believe Trump will have anyone on the Hill who will give away free IVF?
“Dang. Joining in on the JohnnyU camp. Yikes.”
If the shoe fits…
“There IS a progressive wing of the party, is there not? Quite a number of Congressmen in it. Right?
Yet somehow Nancy got through all the budgets and major legislation such as the infrastructure bill.
THAT is leadership and keeping all the wings of the party in line. It’s completely missing on the Republican side which is why there is chaos. The Magas do one thing. The Freedom Caucus another. The moderates have been expelled, so they don’t have to worry about many of those. Does anyone honestly believe Trump will have anyone on the Hill who will give away free IVF?”
No one is disagreeing that Nancy rules with an iron fist, but that wasnt the topic (Good shot at trying to move the goal posts)
While both parties have moved further to the edges (Thanks Gerrymandering) its disingenuous to say it all the GOP (Unless you are a drunken, braindead shill)
Collins, Capito & Murkowski are pro choice. Manchin in the only Prolife Dem and the only reason he hasnt been kicked out is he’s needed to maintain a Dem majority in the senate.
“Don’t you mean the Republicans shutting it down? They have the majority. It’s not possible for the Dems to shut it down.”
So Chuck Schumer is the Senate _______ Leader
Sober up
“So Chuck Schumer is the Senate _______ Leader”
The House and the Senate each have their own bills. They reconcile them. It’s not the Senate that wants to shut it down. Schumer has control over his caucus. Heck, McConnell does too. It’s the stupid MAGAs where there is NO leadership whatsoever and Trump himself is telling them to shut it down.
I hope Sonies and his family are safe and well in Nevada and out of the path of this latest fire.
“The House and the Senate each have their own bills. They reconcile them. It’s not the Senate that wants to shut it down. Schumer has control over his caucus. Heck, McConnell does too. It’s the stupid MAGAs where there is NO leadership whatsoever and Trump himself is telling them to shut it down.”
The senate doesnt want to shut it down but puts in a poison pill that they know the House GOP will shut down?
Yeah its always easier to get more people to agree/support something then less..
Embarrassing
Thanks Sabrina, all good here I’m on the other side of town. I had considered living down where the fire currently is (its freaking gorgeous there) but chose not to for many reasons, one of them being fire risk! Hello to everyone else still posting here, I mostly lurk once in a while now 🙂
“Thanks Sabrina, all good here I’m on the other side of town.”
Good news. Thanks for letting us know sonies. I was worried. Glad to hear that you are on the other side of town.
Some years ago Kaegi proposed (in a speech I now can’t find) that property taxes be means-tested, an idea he reiterated as a salve to upset Pilsen residents in 2023.
Now Kaegi’s repackaged his proposal as a “circuit-breaker concept”, but it looks to me like means-testing property taxes. Do CCers think his proposal will be enacted?
“Kaegi calls for property tax bailout for low-income homeowners”
Crains, Sep 5, 2024
https://archive.ph/qgFt4
“tax bailout”
Here’s the baseline problem:
“The latest group to suffer were residents in the south and southwest suburbs of Cook County–particularly in lower-income communities”
Anything that shifts the burden of (say) Harvey to the rest of the communities in SD-205 has (imo) a very high risk of starting a death spiral.
Hi guys,
Just was checking to see how everyone is doing. Sabrina it is wonderful that you are still maintaining cribchatter.
Gary I always liked your logic and views. Good to see you vote your conscience. I live abroad now, but lived in Atlanta for a year before I moved, so I can vote absentee there. I am voting for Kamala. Trump is a dictator with no regards for freedoms that makes US great.
love to you all, miumiu
It’s hard to say anything insightful about a downward spiral other than to gawk at indices of it and wonder when it will bottom.
https://wirepoints.org/illinois-rich-young-residents-join-the-exodus-to-other-states-in-a-big-way-wirepoints/
Thanks for checking in miumiu. You’ve been missed. It’s tough being one of the few women around here. Lol.
“It’s hard to say anything insightful about a downward spiral other than to gawk at indices of it and wonder when it will bottom.”
This article is silly and dumb. Yes, young people are leaving (oh no). That’s what they are supposed to do. Always opportunities out there. Don’t get tied down with real estate in your 20s. Rent so you have opportunities.
It doesn’t talk about how many have moved in.
Your doom and gloom is just wrong wojo. As the bears have been wrong about Chicago the entire time I’ve run this blog which is since 2007.
But I know you’ll keep coming here and talk about this nonsense.
Due to some family obligations, there won’t be a new post today. But I have some ideas for later on in the week so stay tuned.
“This article is silly and dumb. Yes, young people are leaving (oh no). That’s what they are supposed to do. Always opportunities out there. Don’t get tied down with real estate in your 20s. Rent so you have opportunities.”
I seem to recall a certain Self Proclaimed Chicago Real Estate Expert(tm) claiming that all the young kids wanted to be in Chicago and now they’re supposed to leave?
Weird
“It doesn’t talk about how many have moved in.”
LOL
“But what’s most concerning is the hollowing out of the state’s future – the loss of Illinois’ young, wealthy, upwardly-mobile, taxpaying millennials. A Wirepoints analysis of the latest IRS migration data from tax year 2022 shows Illinois was the 2nd-biggest loser nationally of households aged 26 to 35 with incomes greater than $200,000.
More than 1,300 such households fled the state, on net (3,141 households out, 1,818 in). That’s a loss of 4% of Illinois’ young, high-earning households in just one year..”
“More than 1,300 such households fled the state, on net (3,141 households out, 1,818 in). That’s a loss of 4% of Illinois’ young, high-earning households in just one year..””
It’s absurd in a state the size of Illinois. And more rich young people are at Wrigley Field every weekend than are leaving the state.
Please get some new arguments. It’s getting tiring now. I know some of you don’t live in Illinois and don’t know what’s going on in the city, but at least try and come visit so you can see for yourselves that it’s NOT hollowing out, it’s NOT dying, there is building and big projects like quantum computing going in.
Chicago has its problems, as does every city, but Chicago is the crown jewel of the Midwest. And thank god.
Stop whistling past the graveyard, Sabrina. They’re leaving. The numbers are down. Don’t ignore it. These are people earning $200k a year. Illinois isn’t keeping them. Why?
Oh, and “quantum computing “ is a press release “what if” from politicians. You need to deal in reality. Press releases don’t count.
“It’s absurd in a state the size of Illinois. And more rich young people are at Wrigley Field every weekend than are leaving the state.”
So now you can see the stats, bravo
Look the 4% isnt a death knell of Chicago/illinois, but it its troubling and can be worse if its a trend.
“Please get some new arguments. It’s getting tiring now. I know some of you don’t live in Illinois and don’t know what’s going on in the city, but at least try and come visit so you can see for yourselves that it’s NOT hollowing out, it’s NOT dying, there is building and big projects like quantum computing going in.
Chicago has its problems, as does every city, but Chicago is the crown jewel of the Midwest. And thank god.”
Please sober up and get your head out of the sand. On one hand you admit that Chicago has problems and on the other you are completely dismissive of them and claim theirs nothing wrong.
The essential take away is that this is leaving has happened for a decade. It’s not just a data point. Added to that is that the incomes of those leaving are at the top of the income range, not the bottom.
Trumpeting people here who have no options but to be here as proof of viability is an insult to anyone of intelligence, especially if they’ve been intelligent for a decade or more.
“The essential take away is that this is leaving has happened for a decade. It’s not just a data point.”
Yes, john c, people have been leaving. And they also have been coming.
Chicago just surpassed the 1960 level of households. Population has dropped but households are rising. All the data indicates is that households are smaller. Instead of a family of 5, there may be a singleton or a couple. And people are having 1 or 2 kids, instead of 3 or 4 kids.
But keep being a bear john c.
“Please sober up and get your head out of the sand. On one hand you admit that Chicago has problems and on the other you are completely dismissive of them and claim theirs nothing wrong.”
Every city has problems. There are over 50,000 homeless in LA and San Francisco. New Orleans has reclaimed the murder capital designation. Several have serious financial issues, including Chicago. Crime went up everywhere during the pandemic and has now come back down.
But our cities, including Chicago, control 2/3rds of America’s GDP. It is where the jobs are, where the money is, and where the future of the country is. We must make sure our cities are healthy and able to support growth which includes building more housing.
“Oh, and “quantum computing “ is a press release “what if” from politicians. You need to deal in reality. Press releases don’t count.”
The $500 million in state incentives is a “press release”? No. Neither was beating out 15 other states.
But, yes, until they break ground and build the facility it can always go sideways. Chicago had a hole in the ground for 20 years that was proof of that.
“Stop whistling past the graveyard, Sabrina. They’re leaving. The numbers are down. Don’t ignore it. These are people earning $200k a year. Illinois isn’t keeping them. Why?”
Chicago had one of the greatest increases in wealth of any top 25 city during the pandemic (in terms of gains in income.)
However, I did find it amusing that 2 men who don’t live in Illinois decided to donate $75 million to the Art Institute last week. Lol.
“Every city has problems. There are over 50,000 homeless in LA and San Francisco. New Orleans has reclaimed the murder capital designation. Several have serious financial issues, including Chicago. Crime went up everywhere during the pandemic and has now come back down.
But our cities, including Chicago, control 2/3rds of America’s GDP. It is where the jobs are, where the money is, and where the future of the country is. We must make sure our cities are healthy and able to support growth which includes building more housing.”
Word salad that doesnt address what was said
So sad
“Good to see you vote your conscience. I live abroad now, but lived in Atlanta for a year before I moved, so I can vote absentee there. I am voting for Kamala. Trump is a dictator with no regards for freedoms that makes US great.”
Oh wow you’re really vested here in the US I suppose. You maybe have to pay the taxes, maybe not depending on your income with the expat exclusion limit, but you sure are free to cast your vote as you see fit as you have so much skin in the game for the US. /sarcasm
“But our cities, including Chicago, control 2/3rds of America’s GDP. It is where the jobs are, where the money is, and where the future of the country is. We must make sure our cities are healthy and able to support growth which includes building more housing.”
It doesn’t have to be that way nor should it. People are migrating away from city centers and that is just fine. The problem is that politicians think they are all knowing social engineers and they want money to build their notion of healthy and that just drives away the people who have the money.
“It doesn’t have to be that way nor should it. People are migrating away from city centers and that is just fine.”
They’re not. Not in Chicago. Urban living is still going full steam.
United Center development is going to the zoning commission this week. They want to build as many as 9500 apartments there. Wow. It will be an entirely new neighborhood there.
Will now have West Loop, Fulton Market and then United Center (or whatever it will be called.) This is west of Ashland.
Additionally, Sterling Bay is seeking permits to build 3 condo buildings on an empty lot at 1325 W. Fulton. This would be the first condo development proposed for that neighborhood. Everything in the last 5 years has been apartments. I have long said that they will have to pivot to condos at some point. All the people who live in the apartments will ultimately want to buy something. And we haven’t been building enough condos to meet that demand (when it happens).
Will they be able to sell enough of them pre-construction to get the construction loans to build it? That will be the question.
We don’t yet have price points but the current design shows 3 different buildings with 3 different lobbies and one restaurant space.
The Federal Reserve Bank of Cleveland does an analysis and Chicago looks like all the other cities. Net migration is increasing over the long term. https://www.clevelandfed.org/-/media/project/clevelandfedtenant/clevelandfedsite/publications/cleveland-fed-district-data-briefs/cfddb-20230803-estimates-to-monitor-urban-and-regional-migration/ddb-pandemic-migration-recovery-august-3-2023.pdf
It’s urban neighborhoods (high density areas) within the metro area.
“The Federal Reserve Bank of Cleveland does an analysis and Chicago looks like all the other cities. Net migration is increasing over the long term.”
What does this mean? Everyone IS moving to the cities? Because that’s what is going on.
Chicago just surpassed the 1960 figure for households as more singles and couples move in (and fewer families- so the population is still below 1960.) This is similar to NYC and Washington DC. All have rising households.
And now you have Amazon ordering employees back to the office 5 days a week. It’s only going to make people flock to DC, Nashville and Seattle even more so. JPMorgan has a big Chicago office and they have ordered 4 or 5 days a week now too.
Could you please show us your source that says people are moving to the cities and Chicago households are increasing? The data from the Cleveland Fed shows otherwise.
Gary: Here’s a chart of the household growth in Chicago, DC and Philly. It’s now back to, or exceeding, 1970 levels.
Lots of young singles and couples moving to all three cities. Population isn’t the metric to look at.
https://x.com/yfreemark/status/1834716059581993430
I was going to chatter about this vintage unit in 415 W. Aldine, but it’s now under contract.
https://www.redfin.com/IL/Chicago/415-W-Aldine-Ave-60657/unit-5B/home/13373668
Thanks. That’s interesting but I do wonder what’s happened since 2020
Thanks. That’s interesting but I do wonder what’s happened since 2020
We know what happened. People fled the city during the pandemic, and then they came back. Apartment occupancy back up from 25 year lows. We need more apartments, though, and building has slowed the last 2 years due to the interest rates. It’s going to be tough for apartment dwellers the next 2 years. Prices are going to go up.