Crib Chatter

This 3-bedroom Crilly Court row house at 1712 N. Crilly in Old Town came on the market in June 2023.

Built in 1886, this is a brick and limestone Queen Anne style row house in the Crilly Court complex that was developed by Daniel Crilly.

There is no parking with any of the row houses as they back up to a unique private gated alley. This makes the backyards very quiet.

The listing says there is “easy street parking” (is that on Crilly? It is permit only) or “multiple rental options within a block.”

The listing says this row house has been renovated to perfection.

Not many of its original vintage features appear to remain except some crown molding. It has two fireplaces, however, one in the living room and one in the primary bedroom.

The kitchen has been remodeled, there are rehabbed bathrooms, custom built-ins and closets, all new lighting, a new deck, windows, doors and roof.

The kitchen has custom high-end white cabinetry, iceberg quartzite counters in a matte leather finish, Waterworks hardware, Ann Sacks tile, Subzero and Miele appliances, an island with seating for 4 and a bar area with a double under counter wine/beverage center.

Off the kitchen is a deck that overlooks the private, gated landscaped alley.

The primary suite and two other bedrooms are on the second floor.

The primary suite has multiple closets and an en suite bathroom with a double vanity and oversized shower.

There is another full bathroom on this floor.

The lower level has a family room, which is currently open to a fourth bedroom, a full bath, the laundry and storage.

The row house has central air and a skylight.

The listing says that this row house is “rarely available” but it last sold just 3 years ago, in 2020.

Listed in June 2023 for $1.65 million, that’s $150,000 above the 2020 sales price of $1.5 million.

Crilly Court is unique. It’s in the Old Town historic district and is near the shops and restaurants of Old Town and Lincoln Park, as well as Second City and Zanies.

Will this row house sell quickly even without deeded parking?

Lindsay Everest and Rachel Martell at BerkshireHathaway HomeServices has the listing. See the pictures here. (Sorry, no floor plan.)

1712 N. Crilly: 3 bedrooms, 3.5 baths, 3100 square feet, row house

• No sale back to 1986
• Sold in December 2013 for $1.075 million
• Sold in August 2020 for $1.5 million
• Currently listed at $1.65 million
• Fee simple
• Taxes of $27,483
• Central Air
• No parking but easy street parking or rental in the neighborhood
• 2 fireplaces
• Bedroom #1: 17×14 (second floor)
• Bedroom #2: 9×18 (second floor)
• Bedroom #3: 12×10 (second floor)
• Living room: 17×19 (main floor)
• Dining room: 13×16 (main floor)
• Kitchen: 13×21 (main floor)
• Family room: 16×32 (lower level)
• Laundry room: 12×18 (lower level)
• Deck: 16×14 (main floor)

This 2-bedroom in 757 N. Orleans in River North came on the market in June 2023.

Built in 2008, just as the housing bust was hitting, 757 N. Orleans has 198 units and attached garage parking. You may recall that the developer did a bulk sale of 39 units to an investor at the bottom of the housing bust in 2012.

It’s a full amenity building with 24-hour door staff, an exercise room, an outdoor pool, a business center, a party room and a dry cleaner.

The listing says this unit has been “stunningly renovated.”

It has hardwood floors throughout and floor to ceiling windows.

The kitchen has been “newly updated” and has white cabinets, quartz countertops, a breakfast bar, stainless steel appliances and what looks like a white tile backsplash.

There’s a balcony off the living room.

The unit has a split floor plan with the bedrooms on the opposite sides of the unit.

The primary bedroom has a walk-in-closet and an en suite bath with stone tiles, high end gold fixtures, a soaking tub and a dual vanity.

The second bathroom now has custom tiles and finishes.

Interested in what it looked like before the renovation? Redfin has the 2016 pictures in the sales history.

This unit has the features that buyers look for including central air, washer/dryer in the unit and garage parking is included in the price.

The listing says “no rental restrictions or caps.”

It’s near the shops and restaurants of River North and the Gold Coast and is next to the Chicago el stop. There are also several bus routes nearby.

Listed at $559,000, the unit last sold in 2016 for $471,000.

Buyers love “new.”

Will this condo sell quickly?

Anne Fan at Compass has the listing. See the pictures and floor plan here.

Unit #1809: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 2016 for $471,000
• Currently listed at $559,000 (includes garage parking space)
• Assessments of $705 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, scavenger, snow removal, Internet)
• Taxes of $5267
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 11×16
• Bedroom #2: 15×12
• Living/dining room: 20×14
• Kitchen: 13×10
• Balcony: 10×4

This 3-bedroom at 2034 N. Seminary in Lincoln Park came on the market in June 2023.

Built in 1891, 2034 N. Seminary has 3 units and 3 car garage parking. There is a shared back yard but no other amenities.

My picture above is now 13 years old. In the current picture of the building, the tree on the right is so much bigger.

The listing describes this unit as “modern living with designer finishes.”

The unit has some of its original vintage features, however, including 11 foot ceilings, crown molding and stained glass windows.

However it now has an open floor plan with the kitchen overlooking the living room, which has a fireplace.

There are dark hardwood floors throughout.

The kitchen has white custom cabinets, an island with a wine fridge, top-of-the-line stainless steel appliances and open shelves.

The primary bedroom has an en suite bathroom with a double vanity. There are two additional bedrooms, including one with stained glass windows.

The unit has a laundry room, with a stackable washer/dryer with green cabinets and a farmhouse sink.

It has the features buyers look for including space pac cooling and one garage parking space.

There’s also a large deck.

This building is near the shops and restaurants of Armitage Avenue and is just a few blocks to the Armitage Brown Line stop.

Listed at $730,000, that’s $52,000 above the 2020 purchase price of $678,000.

For vintage lovers, is this property the Chicago dream?

Ginny Leamy and Ganapati Raman at Compass have the listing. See the pictures here. Sorry, no floor plan.

Or see it in person at the Open House on Saturday, June 10, from 11 am to 2 pm.

Unit #2: 3 bedrooms, 2 baths, no square footage listed

• Sold in September 1988 for $205,000
• Sold in August 1994 for $230,000
• Sold in February 1998 for $260,000
• Sold in January 2002 for $352,500
• Sold in August 2004 for $408,000
• Sold in April 2014 for $426,000
• Sold in November 2016 for $610,000
• Sold in July 2020 for $678,000
• Currently listed at $730,000
• Assessments of $224 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $12,997
• Space Pac cooling
• Washer/dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 11×15
• Bedroom #2: 9×14
• Bedroom #3: 9×10
• Living room: 14×23
• Kitchen: 14×18
• Laundry room: 4×8
• Deck: 9×13

This 2-bedroom penthouse triplex loft in Market Square Lofts at 161 W. Harrison in Printer’s Row came on the market in May 2023. I don’t have a picture of this building but it’s the short brick building next to the Vetro in the picture above.

Built in 1905 as the Patton Building, the 12 story building was originally in the printing business and then apparently became a printing warehouse.

It was converted into 80 loft condos in 1997 and became the Market Square Lofts. It is one of the few Printer’s Row loft buildings that has attached garage parking.

The building has a shared rooftop deck, small party room and door staff.

This loft has 15 foot ceilings on the main level with exposed duct work and oversized windows.

Both bedrooms are on the main floor although the second bedroom is currently being used as a dining room and is not enclosed. It has a walk-in-closet.

The primary bedroom is fully enclosed and has a window along with a walk-in-closet and ensuite granite bath with a double vanity, separate shower and Jacuzzi tub.

The kitchen has Schroek cabinets with pull out shelves and a pantry with Viking and Subzero appliances.

There is a separate laundry room on the main floor with side-by-side washer/dryer.

There’s an office on the second floor.

The third level has the family room with a wet bar and a half bath, along with skylights, which leads out to a 400 square foot private rooftop Trex deck. You can see a hose in the pictures so there must be irrigation. And there is electricity as there are lights on the side of the building in the night time pictures.

The rooftop deck has city views.

It appears the top floor was added to the building during the loft conversion.

The loft has features that buyers look for including central air and garage parking is available for $20,000.

Listed at $599,000 for 1800 square feet, is this a deal for all the space?

Susan Dickman at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #1203: 2 bedrooms, 2.5 baths, triplex, 1800 square feet, penthouse, loft

• Sold in September 1998 for $295,000
• Sold in March 2001 for $410,000
• Sold in October 2003 for $527,500
• Originally listed in May 2023 for $599,000
• Currently still listed at $599,000 (garage parking is $20,000 extra)
• Assessments of $926 a month (includes heat, a/c, gas, doorman, cable, exterior maintenance, Internet, snow removal)
• Taxes of $6899
• Central Air
• Side-by-side washer/dryer in the unit
• Double sided fireplace in the living room/primary bedroom
• Bedroom #1: 10×19 (main level)
• Bedroom #2: 10×12 (main level)
• Office: 15×9 (second level)
• Foyer: 4×12 (main level)
• Living room: 15×23 (main level)
• Kitchen: 11×14 (main level)
• Laundry: 4×7 (main level)
• Family room: 15×24 (third level)
• Deck: 15×10 (third level)

This 1-bedroom in 49 E. Cedar in the Gold Coast came on the market in June 2023.

Built in 1909, this is a boutique building with 3 units that was designed by Benjamin Marshall. There’s a plaque on the front of the building.

We have never chattered about this building before. When I walked by it a few years ago, I snapped a picture after reading the plaque, but I thought it must be apartments.

Not many vintage features remain with this unit. The listing says it has had a “full gut remodel.”

It has hardwood floors throughout.

It had a full kitchen remodel in 2017 which has white cabinets, open shelving, stainless steel appliances, stone counter tops and a peninsula with seating for 3. The listing says the appliances are new as of 2022.

The unit also had a bath remodel in 2017 which has a walk-in-shower (no tub).

The other renovations include:

• Electrical rewiring in 2017
• Plumbing in 2018
• W/D replacement in 2019
• Custom walk-in-closet in 2020
• New A/C in 2022

It has features buyers look for including space pac cooling and washer/dryer in the unit. There’s no parking but it’s available for lease next door at 33 Cedar.

This building is near the shops and restaurants of the Gold Coast, Rush Street, Mag Mile and Oak Street Beach.

Listed in June 2023 at $319,900, would this make a good in-town?

Grace Sergio and Meghan Luffred at @Properties Christie’s have the listing. See the pictures here. Sorry, no floor plan.

Unit #1: 1 bedroom, 1 bath, 740 square feet

• Sold in December 1991 for $70,000
• Sold in September 2004 for $284,000
• Sold in June 2014 for $319,000
• Sold in January 2015 for $285,000
• Currently listed at $319,900
• Assessments of $351 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $1,710
• Space pac cooling
• Washer/dryer in the unit
• No parking but rental available at 33 Cedar
• Bedroom: 8×16
• Living/dining room: 19×29
• Kitchen: 9×9

This 3-bedroom townhouse in Via Como at 849 W. Ohio in River West came on the market in May 2023.

Built in 2002, Via Como is 34 townhouses with 2-car garages. The picture above is a picture of the general community, not of this particular townhouse.

The listing says this is the largest floor plan in the development.

It also says it wasn’t “lipsticked for sale” but has been remodeled throughout.

There is an office on the main floor flanked by glass walls, ceiling speakers and the security command center of the home.

There’s also a full bath and access to the 2 car garage.

The first floor has the living/dining room along with the kitchen. It has wide plank oak floors, ceiling moldings with nest smoke and climate system and a home speaker system along with individual wi-fi boosters on each level.

The kitchen has natural wood cabinets and an island with seating for 3. It has luxury appliances including Miele, Bosch and Dacor with double ovens, double quartz counter tops, an integrated fridge, a wine fridge and an exhaust fan that vents out.

There’s a balcony off the kitchen with space for a grill.

The third floor has 2 bedrooms, including the primary, and 2 full baths which have double quartz countertops, radiant heat, towel warmers, rain shower heads and body sprays.

The fourth floor has skylights and a bonus room which could be a workout room, an office or another bedroom. It has a powder room and leads to a deck with city views.

The townhouse has central air.

It is near shops, restaurants and public transportation, which the listing says includes:

“The Dawson, La Scarola, Piccolo Sogno, Stax Cafe, Iguana Cafe, The Pearl Club, BLVDier clothing store, Salon 833, Starbucks, and multiple car washes | WalkScore 92 | TransitScore 808 | BikeScore 94 | 12-minute Lyft, 14-minute L ride, or an 18-minute cycle to The Loop | Divvy station around the corner on Milwaukee Ave | 0.2 mi to the Blue Line | The 56/65 bus lines are at the end of the street on Grand Ave and Milwaukee Ave”

It’s also about a 10 minute walk over to Fulton Market.

Originally listed on May 30, 2023 at $950,000, it has been reduced $50,000 to $900,000.

Are the 7% rates hitting the upper bracket properties again like they did last year?

John Grafft at Compass has the listing. See the pictures and floor plan here.

Unit #2W: 3 bedrooms, 3.5 baths, townhouse, 2300 square feet (listing says it’s 2.5 baths but floor plan says otherwise so I’m listing it as 3.5 baths)

• Sold in May 2003 for $484,000
• Originally listed in May 2023 for $950,000
• Reduced
• Currently listed at $900,000
• Assessments of $284 a month (includes exterior maintenance and snow removal)
• Taxes of $14,211
• Central Air
• Fireplace
• Bedroom #1: 14×15 (third floor)
• Bedroom #2: 10×11 (third floor)
• Bedroom #3: 10×10 (main floor)
• Bonus room: 14×13 (fourth floor)
• Living/dining room: 17×26 (second floor)
• Kitchen: 17×13 (second floor)
• Foyer: 6×11 (main floor)
• Laundry: 3×4 (second floor)
• Balcony: 11×3 (second floor)
• Deck: 15×12 (fourth floor)

This 2-bedroom duplex brick loft in the Fulton House at 345 N. Canal in River West came on the market in May 2023.

Built in 1903, Fulton House was original an old cold storage warehouse.

It was converted to apartments in the 1970s by star architect Harry Weese and then was converted into condos in the 1990s. There are 104 units.  However, it’s also a live-work building where businesses can operate.

It has 24/7 door staff but no garage parking and a common deck overlooking the Chicago River. There is valet parking across the street at the River Bend building. It does not have other amenities like an exercise room.

If this unit looks familiar, that’s because we last chattered about it in 2017 when it had last been renovated in 2012. Listed at $725,000, some of you (surprise, surprise) thought it was overpriced.

You can see that chatter here.

The listing now says it has been “expertly renovated.”

If you recall, the unit has some unique features including the building’s famous barrel vaulted ceilings, but it also has 20 foot ceilings in the dining room and white washed exposed brick walls.

There looks to be dark hardwood floors on both floors.

The first floor is open concept with the living room, dining room and kitchen. There’s also a fully enclosed bedroom and a full bath.

The kitchen has white cabinets, a large island with new quartz countertops and new Wolf and Samsung appliances.

The primary bedroom is on the second floor and has an industrial window that overlooks the dining room.

There’s a full bath on the second floor and big closets.

The listing also says there is a bedroom that is open and being used as an office space on the second floor, but the listing on the MLS is a 2/2, not a 3/2.

The second floor also has the unique round porthole type windows that are found in the Fulton House and the whitewashed exposed brick.

The unit has outdoor space with a balcony off the living room.

It has the features buyers look for including an in-unit washer/dryer and the listing says there is “new central air” although there are wall units in the pictures. Valet parking is available next door.

The listing says this building is steps to the East Bank Club, Gibsons Italia, Starbucks and all the shops and restaurants of River West, River North and the West Loop. Developers continue to build new apartment buildings west of the River in this neighborhood.

This loft sold in May 2019 for $700,000. It has come back on the market at $1 million.

Buyers love “new.”

Will the renovation help it get a quick sale?

Alexa Hara and Guido Piunti at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #1402: 2 bedrooms, 2 baths, 2367 square feet, duplex loft

• Sold in November 1990 for $230,000
• Sold in July 1998 for $367,500
• Bank owned in December 2009
• Sold in June 2012 for $180,000
• Sold in May 2019 for $700,000
• Originally listed in May 2023 for $1,000,000
• Currently still listed at $1,000,000
• Assessments are still $1335 a month, same as December 2017 (includes heat, doorman, exterior maintenance, scavenger, snow removal, Internet)
• Taxes are now $11,743 (they were $7619 in December 2017)
• “New” Central Air (but some rooms also have wall units)
• Washer/dryer in the unit
• Valet parking is available
• Bedroom #1: 22×17 (second floor)
• Bedroom #2: 15×12 (main floor)
• Den: 21×11 (second floor)
• Living/dining room combo: 30×19
• Foyer: 12×9 (main floor)
• Kitchen: 12×12 (main floor)
• Laundry: 5×3 (second floor)
• Balcony

This 2-bedroom townhouse at 1005 W. Dickens in Lincoln Park came on the market in May 2023.

We have chattered about this townhouse before, in 2018. Like last time, the picture above is actually of the two townhouses next door with just a piece of 1005 on the far right of the picture.

This townhouse complex was built in 1985 and has 6 townhouses with garage parking. There is an HOA fee, but it’s just $200 annually.

You can see our 2018 chatter here.

If you recall, this townhouse has vaulted ceilings and skylights.

It has a gas fireplace and hardwood floors in the living room which is on the main floor.

The kitchen and dining room are down a small flight of stairs. The kitchen has wood cabinets, granite counter tops and stainless steel appliances. It is open to the dining room and leads to a private patio.

The second bedroom is on the second floor and has an adjacent bath.

The primary suite is on the third floor and takes up the entire floor. It has an en suite bathroom with marble finishes, dual vanities, glass enclosed shower and a “tranquil” soaking tub. There’s also a “sunny” deck off this level.

There’s a lower level which the listing says could be a family room, office, home gym or third bedroom.

The townhouse has central air, a full size LG stackable washer/dryer in the lower level and 1 car garage parking.

The listing says it is Airbnb licensed but doesn’t list any rental income ranges.

The listing also states all the updates:

“Additional updates include: sump pump and drain tile system (2020), Trex decking (2020), New Windows (2019), Refinished Hardwood floors and new baseboards (2020), Lower Level engineered hardwood (2020), Upgraded electrical switches and outlets (2020), New roof (2020).”

This townhouse is near Armitage shops and restaurants, the parks of Lincoln Park and top rated schools.

It came on the market for $689,000 but last sold in November 2021 for $650,000.

Will it get the premium over the 2021 sale given the low inventory in Lincoln Park?

Julie Roback and Jacqueline Czuprynski at Baird & Warner have the listing. See the pictures and floor plan here.

You can also go to the Open House on Sunday, June 4, 2023 from 12 PM to 3 PM.

1005 W. Dickens: 2 bedrooms, 2 baths, 1522 square feet, townhouse

• Sold in February 1990 for $230,000
• Sold in May 1991 for $235,000
• Sold in July 1999 for $330,000
• Sold in June 2006 for $510,000
• Sold in August 2011 for $440,000
• Sold in February 2019 for $505,000
• Sold in November 2021 for $650,000
• Originally listed in May 2023 for $689,000
• Currently still listed at $689,000
• There are now assessments of $200 annually (Previous listing in 2018 said no assessments)
• Taxes are now $10,033 (they were $9,115 in 2018)
• Central Air
• Wood burning fireplace
• Bedroom #1: 15×14 (third floor)
• Bedroom #2: 15×10 (second floor)
• Living room: 14×17 (main floor)
• Kitchen: 7×14 (lower level)
• Dining room: 9×12 (lower level)
• Family room: 16×13 (lower level)
• Terrace: 7×17 (third floor)
• Deck: 16×14 (lower level)

This top floor 3-bedroom in the Kilmer House at 1555 N. Sandburg Terrace in the Gold Coast (or Old Town) came on the market in June 2022.

Built in 1971, Kilmer House is part of Sandburg Village. It has 96 units and has a pool, sundeck, tennis courts and exercise room.

The building has a doorman and valet garage parking.

We last chattered about this unit 11 months ago, in July 2022. You can see our chatter here.

Last year, some of you were worried about the high HOAs.

It’s still available, although it was contingent in September 2022.

If you recall, this is a southeast corner, top floor, 3-bedroom with 1711 square feet and a recessed balcony. It has east facing picture windows from the living room, dining room and den.

The primary suite faces south and has a walk-in-closet and en suite bath with a separate shower and dual vanity.

The kitchen is “newer” with white cabinets, a white subway tile backsplash, silestone counter tops, stainless steel appliances and a dry bar with pantry cabinet storage.

The unit has the features that buyers look for including a walk-in mud room/laundry closet with a full size stackable washer/dryer and central air.

There’s valet parking available.

Kilmer House is located on the edge of the Gold Coast and Old Town with access to both neighborhoods and Lincoln Park.

Originally listed in June 2022 at $619,000, the unit has now been reduced by $59,000 to $560,000.

While the HOA has gone up since last year, the taxes have fallen.

Is this a deal for the square footage and location?

Megan Tirpak at @Properties Christie’s still has the listing. See the pictures and floor plan here.

Unit #602: 3 bedrooms, 2 baths, 1711 square feet

• Sold in August 1996 for $172,000
• Sold in March 2013 for $375,000
• Sold in November 2016 for $500,000
• Listed in June 2022 for $619,000
• Under contract in September 2022
• Re-listed in February 2023 for $619,000
• Reduced twice
• Currently listed at $560,000
• Taxes are now $8982 (they were $10,115 last year)
• Assessments are now $1525 a month (they were $1453 a month in July 2022)(includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Association includes doorman, pool, exercise room, tennis courts
• Valet Parking (cost?)
• Washer/dryer in the unit
• Central Air
• Bedroom #1: 13×15
• Bedroom #2: 12×10
• Bedroom #3: 10×11
• Living room: 22×15
• Dining room: 11×19
• Kitchen: 11×8
• Laundry room: 5×7
• Walk-in-closet: 10×11
• Foyer: 4×11
• Balcony

The Illinois Association of Realtors is out with the April sales data. It remains at multi-year lows. Sales were at their lowest since April 2020 when the COVID pandemic spooked home buyers and sales ground to a halt.

From the IAR:

The city of Chicago saw a 37.6 percent year-over-year home sales decrease in April 2023 with 2,028 sales, down from 3,249 in April 2022.

The median price of a home in the city of Chicago in April 2023 was $340,000, down 8.1 percent compared to April 2022 when it was $370,000.

Here are the sales statistics for April since 2007:

• 2007: 2419 sales
• 2008: 1886 sales
• 2009: 1407 sales
• 2010: 1984 sales
• 2011: 1466 sales
• 2012: 1816 sales
• 2013: 2392 sales
• 2014: 2256 sales
• 2015:  2435 sales
• 2016: 2706 sales
• 2017: 2647 sales
• 2018: 2700 sales
• 2019: 2595 sales
• 2020: 2057 sales
• 2021: 3360 sales
• 2022: 3249 sales
• 2023: 2028 sales

Here are the median prices:

• 2007: $289,800
• 2008: $300,000
• 2009: $218,000
• 2010: $225,000
• 2011: $169,000
• 2012: $182,000
• 2013: $223,500
• 2014: $250,000
• 2015: $271,325
• 2016: $286,000
• 2017: $297,500
• 2018: $307,500
• 2019: $310,000
• 2020: $338,000
• 2021: $373,750
• 2022: $370,000
• 2023: $340,000

“The data year over year is showing a decline, which is unsurprising given the trends we’ve seen over the last few months. Low inventory, increased inflation and higher mortgage rates are affecting national real estate markets as well,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “However, we’re still seeing activity and opportunity for buyers and sellers who were intimidated by last year’s hectic pace.”

Inventory continues to fall.

Statewide, housing inventory fell 23.6% to 17,186 from 22,492 last year. In Chicago, it fell 25.1% to 5007 from 6687 last year.

However, days on the market were up 18.8% in Chicago to 38 days from 32 days last year.

The median sales price mix was also interesting in the quarter. Overall, it dropped 8.1%, or $30,000, to $340,000. But single family home prices were down 15.7% to $295,000 while condo median sales price was up 0.3% to $380,000.

Single family home sales fell 31% in April to 722 while condos were down 40.7% to 1306.

Reminder: median sales price is about the mix.

The average 30-year fixed rate mortgage was 6.34% in April 2023 versus 6.54% in March 2023. Last year, it averaged 4.98% after the Fed started raising rates in March 2022 and rates quickly spiked.

In the next several months, we’re going to start to loop last year’s slowdown as mortgage rates rose. We could even see rising year-over-year sales later this summer as a result.

But will that mean that the housing market is “back”?

Or is the lack of inventory the real challenge to get sales to turn around?

Illinois’ statewide home sales and available housing inventory fall during April [Illinois Association of Realtors, Press Release, by Bill Kozar, May 18, 2023]