Welcome to the team, Riley!

Welcome to the team, Riley! We are very excited to have Riley join us. As an entrepreneur myself, I love the energy that a self-starter, out-of-the-box thinker brings, and Riley definitely has had those qualities from the very beginning. For almost a decade, Riley has been a top-producing, award-winning broker as well as a sales partner at one of Chicago’s top developers.  With his creativity, industry knowledge and robust background, Riley is the perfect addition to our team. 

We put together a fun interview to introduce Riley, and know that he is going to help take Busby Group to the next level! 

What did you do before starting in real estate?
I’ve actually been fortunate enough to have worked in real estate my entire career, even obtaining my real estate license, and selling properties while still in college. I started my real estate career in Southwest, Michigan where I worked with buyers, sellers, and investors and quickly grew this facet of my business. Through strong marketing and customer service skills, I quickly became the top broker at my brokerage. I was then recruited by one of Chicago’s top developers where I further developed my skills as a real estate broker, including in-depth knowledge of construction as well as advanced training in showing property.  

What drew you to the Busby Group Team?
Busby Group was recommended to me by my previous employer, Belgravia, who spoke very highly of Julie. I value my time with Belgravia and see how Julie runs Busby Group in a similar way with team collaboration, strong ethics and morals, as well as high caliber results.  

Which part of your real estate career do you love the most?
This might sound cliche, but I’ve always enjoyed architecture and viewing properties. I really love a great view, so it's exciting to explore different parts of the city and new developments because each tour offers a different perspective of the city. 

What has been your biggest professional ah-ha moment so far?
Very early in my career, I was fortunate to win several production and customer satisfaction awards that made it clear to me that I was on the right path, and real estate was the right career for me.

What are you most excited about in the coming year?
I’m excited to be a part of a high-functioning team and assisting in achieving new goals, setting new limits and challenging the norm/thinking outside of the box.

Where do you live in Chicago, and what is your favorite neighborhood?
I live in Lakeview, but my favorite neighborhoods are downtown Chicago such as Gold Coast and River North. Being close to the water/lake/river has also always been important to me. 

What are some of your favorite things to do in the city? 
I am an artist and love painting. So, I love finding the beauty in our city and getting inspiration. I spend a lot of my time by the lake and I love bike riding along Lake Shore Drive from Lakeview to downtown and watching the buildings get taller and taller.

Northwest Side Preservation Ordinance: How it can impact you

As a real estate agent in Chicago, we know how important it is for our clients that we stay on top of the latest ordinances, policies, and regulations. One piece of legislation that's gained attention recently is the Northwest Side Preservation Ordinance, which focuses on maintaining the character of neighborhoods on the city's Northwest Side. Those who should take note of this new regulation are people with a rental property within the new boundaries (link below), and those who are looking to buy and/or build in the same area. 

What are the most important parts of the ordinance to note?

• The cost to build in the area is increasing from $5,000 per unit to $20,000 per unit and $15,000 per building to $60,000 per building (whichever is greater) for the 606 Pilot Areas and Pilsen

• Amends the affected neighborhood boundaries click here to see a map of all impacted neighborhoods

• If you own an income-producing property within the new boundaries, your tenant will have first right of refusal per the new Tenant Opportunity to Purchase (606) Block Pilot Program. This will be a very specific and time-consuming process that must be followed

How will the new ordinance impact buyers and sellers in this area?

For buyers: 

• Patience! Because renovations to specific properties may now be required to meet specific guidelines, buyers looking to renovate or remodel should be prepared for a longer approval process. Also the seller will need to provide the tenant first right of refusal, which will also take time. 

• 1031 Exchange: A tenant-occupied property within the boundaries of the ordinance will likely not meet the stringent timing requirements of a 1031 Exchange. 

• New costs: There are new costs involved for rehab and development in the area that may make it cost prohibitive to buy. 

• Design restrictions: You may also not be able to complete renovations exactly to your preferred specifications since the ordinance aims to maintain visual consistency. We strongly recommend that buyers consult with city officials as early on as possible in the process to help understand timing and what is possible. 

For sellers:

• Patience! Because renovations to specific properties may now be required to meet specific guidelines, buyers looking to renovate or remodel should be prepared for a longer approval process. Also the seller will need to provide the tenant first right of refusal, which will also take time. 

• Hardship: Sometimes sellers need to sell urgently for one reason or another – every sale must pass through the process regardless of circumstance/hardship.

• Liability: If you do not follow the new process, you will be held liable by the city particularly when it comes to tenant first right of refusal. 

• Value: While it is too early to tell which way it will impact value, the ordinance will impact home values in some way. 

How to Best Work Within the New Framework? 

Working with local experts will also make the whole process easier, faster and more streamlined. Busby Group is here and ready to help you navigate this difficult process, plus we recommend attorney Bob Floss, who is also very knowledgeable on the ordinance and the constant changes. 

If you’re considering buying or investing in a property within the boundaries of the Northwest Side Preservation Ordinance, upfront research of whether or not a property is impacted by this ordinance will save valuable time and money. Visit the City’s Landmark Division website to start your investigation. 

Please contact us anytime if you are considering buying or selling in the impacted areas, we are here to help! 

A focus on clients going through a transition

Times of transition are a difficult space for all involved, which is why Busby Group is focusing now more than ever on clients who are in this time of change, including our senior-specific client service. Just recently, our own Barb Steinhauser received her Senior Real Estate Specialist (SRES) designation. This was a very natural progression for us as we have always offered specialized care for all clients – but it never hurts to make it official!  

While our white glove level service is universal for all Busby Group clients, there are particular facets of our service that are appealing to seniors, including: 

• Professional coordination. Some of our senior clients own multiple homes requiring conversations and coordination with other trusted professionals such as a family office and medical, financial and legal advisors for their real estate transactions. For senior sellers it’s sometimes more than simply down-sizing or upsizing – it can involve an interstate move or a move to some sort of care facility or community. We are not only accustomed to these situations, but have developed specific strategies and logistics to make sure the process runs smoothly. 

• Privacy and communication protocols. Unfortunately there are unexpected relocations as the result of an unexpected life/death or disability/medical event. Compounding the situation, the nature of these latter real estate transactions can be fraught with emotion and family dynamics. We offer the professionalism, experience and care each situation demands.

• Top broker referrals across the country. Many of our senior clients are lucky snowbirds, headed to the sunny skies Florida, Arizona, or California. We have worked hard to create a closeknit network of likeminded brokers across the country, so that as the need arises we are able to make a great referral. And when we say closeknit, we mean it! We are in constant communication with many of the leading brokers in major cities. 

• Inventory expertise. For our senior clients, there are a few themes that come up again and again. Most of our senior clients prefer single-story living with easy access to an elevator. A location convenient to retail and grocery shopping is also many times important. Bonus points for an indoor pool, since many of our senior clients love this form of exercise! 

• One of our current listings at 132 E Delaware Place actually hits every item on this list if you are interested in taking a look! 

• First-time opportunity to own this meticulously maintained, spacious home featuring incredible lake, city and sunset views perched atop the Four Seasons Hotel with access to the hotel’s unparalleled amenities

• Living space with expansive windows and third bedroom area, currently an open office, boasts full walls of custom built-ins with wet bar 

• Picturesque west views (sunsets!) from the spacious and bright eat-in kitchen

• Generous primary suite with more west-facing views, 2 walk-in closets, and the ensuite primary bath with double vanity soaking tub, and walk-in shower

• Unbeatable Gold Coast location with all of the city’s best at your fingertips, plus easy access to Lake Shore Drive, Oak Street Beach and the lakefront trail

• Convenient self-park and valet options available

Our goal is to successfully facilitate any type of move to make it as seamless as possible. If you or your family member are going through a time of transition, we have a complete list of vetted professionals and services that can make that work very well. Take advantage of our expertise and call if you see a potential real estate transaction coming into focus, we are here to help. 

Midwest really is best: the great migration home

We all know at least a few people that moved during the pandemic – and if you’re like me, you know a lot! And Chicago was no exception. People left the city in search of wide open spaces, which made total sense in 2020. But, times and priorities have changed, and as a team we have seen a new trend: people are returning to the Windy City! In fact, the population of Chicago has increased every year since 2020, with last year’s gains as the biggest since the pandemic at .53% to 8,984,000. 

Over the last year, we have seen a resurgence of lifestyle moves. We recently helped an attorney who moved to Park Ridge during the pandemic, move back to the city to be closer to the courthouse. Anecdotally, we have also noticed an influx of Floridians and Coloradans at showings, looking to move to Chicago. We are also seeing a revival of suburban empty nesters moving to the city to be closer to Chicago’s cultural and dining scenes. 

When speaking to our clients and buyers, a few themes come up again and again that are prompting their move. 

Lower cost of living for a top city
Of the most populous cities in the country, Chicago remains the cheapest in terms of cost of living! Forbes put together this fun Cost of Living Calculator that lets you compare your cost of living of where you live now with where you want to go. 

Returning to work
Outranked only by New York as the city with the most Fortune 1,000 company headquarters, many people are moving back to be closer to their office as reopening continues. Public transportation becomes a huge factor too, and people miss the ease the L and Metra provides. 

Natural disasters
Chicagoans moved to Florida in droves throughout the pandemic period. In 2022 alone, over 35,000 relocated there. But in the past few years, the number and intensity of hurricanes in Chicago have dramatically increased. In contrast, the midwest is always at the top of the list of safest cities from natural disaster. Hurricanes are not only a major lifestyle inconvenience, but have financial impact as well, specifically in regards to homeowners insurance, repairs, and potential loss of income. 

Midwest is best!
We hear it over and over again: there is something about Chicago, and more importantly, something about Chicagoans! People who move south miss the midwest charm, the culture of the city, the weather, the lake, and everything that makes Chicago, Chicago. 

Life Hacks Volume 1: Real Estate Taxes

It’s Volume 1 of our running Life Hacks column! In this column we plan to share not only our own expertise, but also tips, tricks and hacks from experts all across Chicagoland on one important topic: how to save you MONEY! It has been a year of high inflation and expenses, so our goal is to meet you where you are. 

This month we are focusing on property taxes, more specifically tax exemptions, of which there are many! If any of the below brings up a question, or you would like a referral for a real estate tax attorney, please reach out! We know the best in the business and are happy to make an introduction. Most importantly: don’t miss the opportunity these rebates offer. Most offer thousands of dollars!

General Homestead Exemption 
If you are a homeowner, you are eligible for this exemption, which is available for any residential property occupied by its owner (so no investment/rental properties). Even if you have a second home, the one you live in primarily is eligible for this exemption – up to $10,000 in Cook County. The amount of exemption is based on the increase in the current year’s assessed value. This means that every year you should file a dispute, no matter what! We know amazing real estate tax attorneys that are available to assist. Please contact us for a referral! 

Veterans Homeowner Tax Exemptions
For veterans returning from active duty, Cook County provides a $5,000 reduction to the assessed value of their property. For veterans with a service-connected disability, Cook County offers an even greater reduction based on a sliding scale depending on the level of disability. More information here.

Old Historic Home Tax Exemption
If you live in an old home, it may be eligible to become part of the Illinois Register of Historic Places, which also makes it eligible for an Illinois Historic Preservation Tax Credit. These credits provide state income tax credits equal to 25% of the project’s Qualified Rehabilitation Expenditures, to owners who undertake certified rehabilitations. Find out if your home qualifies and more information here.

Senior Citizens Homestead Exemption
If you are a homeowner and 65 years of age or older, then you are eligible for this annual exemption – which is up to an $8,000 reduction in equalized assessed value. More information here.

Regardless if you file for an exemption, we recommend appealing your taxes. You can do this on your own, but we have seen greater success through attorneys. Please contact us for a referral to an excellent attorney.

The Sandwich Generation: Welcome to the club! Plus my best tips for how to make it easier

A few months ago, my mom made a comment to me while we were discussing the number of things I had on my to do list. She said, “You are stuck right in that sandwich generation, unfortunately.” To which I responded, “What are you talking about? Are you saying that millennials love sandwiches? Cause we totally do.” She laughed off my comment, agreed, and went on to tell me about the term Sandwich Generation – which is basically defined by: middle-aged adults who are simultaneously caring for their children and their aging parents (Thanks Google!)

If that definition sounded familiar, welcome to the club! Being stuck in the sandwich generation during your lifetime comes with its unique set of challenges and rewards. Balancing the demands of raising children while also caring for aging parents can feel overwhelming at times. This dual responsibility can be emotionally and physically taxing, but it also brings a deep sense of fulfillment and purpose. As a young mom, I often find myself juggling school runs, playdates, homework and doctor’s appointments and ensuring my parents’ well-being.

Is there a solution to make all this easier? Not really. But I am here today to give you some ideas as to how to get through these years as smoothly as possible. 

• Seek Support: Don’t be afraid to reach out to friends, family, or support groups. Sharing your experiences and challenges can provide emotional relief and practical advice. Chances are, most of your friends are going through the same thing as you and sometimes it eases stress to just chat about it with someone familiar. 

• Stay Organized: Use tools like planners, apps, or calendars to keep track of appointments, tasks, and deadlines. Staying organized can help you feel more in control. I keep it old school with the larger sticky notes. One to-do list for the week and then break that down every morning into things I need to do that day. 

• Communicate Openly: Keep the lines of communication open with your family. Discussing your needs and concerns can help prevent misunderstandings and foster a supportive environment.

• Prioritize and Delegate: Identify the most critical tasks and focus on those first. Don’t hesitate to delegate responsibilities to other family members or seek professional help when needed.

• Set Boundaries: Clearly define your work and personal time. This helps prevent burnout and ensures you have time to recharge.

• Practice Self-Care: Make time for activities that rejuvenate you, whether it’s exercise, reading, or spending time with friends. Taking care of yourself is essential to being able to care for others.

As someone who is also navigating these waters, I am well-equipped to assist you in finding the right solutions for your family. Whether you’re looking to buy a new home that accommodates your growing family or helping your parents downsize to a more manageable space, I am here to guide you every step of the way. My journey as a real estate agent is deeply intertwined with my personal experiences. Having older parents has given me a unique perspective on the challenges and needs of families like ours. I understand the emotional and logistical complexities involved in helping parents downsize or transition to a new living situation and this has allowed me to better connect with my clients on a deeper level.

Being a young parent in the sandwich generation is no easy feat, but you don’t have to navigate it alone. As a real estate agent who understands the unique challenges you face, I am here to help you and your parents find the perfect living solutions. Together, we can create a future where everyone feels supported, comfortable, and at home.

Feel free to reach out to me for a consultation or just to chat about your needs. Let’s make this journey a positive and empowering experience for your entire family.

Our favorite 2024 design trends

4831 Lamb in Oak Lawn

900 N Kingsbury St, Unit 859

659 W Randolph #1416

1100 N Lake Shore Drive # 36B

1720 N LaSalle Dr, Unit 1

1100 N Lake Shore Dr, Unit 24B

132 E Delaware Pl, Unit 5601

229 E Lake Shore Dr, Unit 10E

1729 N Honore St

4101 Linden Ave

4315 N Kenmore Ave, Unit 3S

19806 Cambridge Dr

Has anyone else noticed all of the 90s inspired fashion lately? Baby doll t-shirts, platform shoes – what’s old is new again! The same is true in interior design. Recognizing these cycles always makes me feel more comfortable taking design risks because chances are the trend will return in due time! Check out some of our favorite design moments of the year thus far. 
Arched windows
When in doubt, add more windows – I would bet my life that our love of windows never goes out of style, but arched windows are a different story. What once read is a 90’s look, is totally back. Arches throughout interior design are huge right now including arched hallways, arched built-ins and windows too! Our listing at 4831 Lamb in Oak Lawn has beautiful arched windows looking out over the lush yard. 
Concrete loft
I love layering different textures throughout rooms, and concrete lofts come with so much texture as a foundation. Juxtaposing the concrete ceiling (they’re quiet too!) with softer textures like a plush rug and linen curtains creates that quiet luxury look everyone is after right now. Check out the incredible ceiling height and textures at our listing at 900 N Kingsbury St #859 and 659 W Randolph #1416. 
Parquet is back!
Parquet flooring has had ugly step-sister status for many years now, but she is back and better than ever! New construction has started utilizing parquet for texture and interest while still maintaining a neutral palette, but the downside is it is very expensive. We love the vintage parquet in our 1100 N Lake Shore Drive # 36B listing.
Built-ins, always
It is true that built-ins never went out of style, and I can’t imagine they ever will. Built-ins are such a great way to add value, storage and design. We love a multi-tasking built-in like the one at our LaSalle listing that doubles as a cocktail bar and coffee bar – a full drink station!
Statement libraries 
For many years, interior design has been extremely neutral, but we are seeing the trend return to darker, moodier and more colorful – and we love to see it! Especially in dining rooms and libraries, darker color palettes are having such a moment. Painted ceilings and high-gloss finishes on built-ins and walls are very popular right now. We love the intricate design and wood grains in this gorgeous library in our 1100 N Lake Shore Drive #24B and the high-gloss black built-ins at 132 E Delaware #5601.
On the other side of the spectrum is this light and bright library statement in our 229 Lake Shore Drive listing. What was once a boring entry foyer becomes a total moment with built-in bookshelves lined with literary treasures. 
Designer home offices 
It makes total sense that people have really invested in their home offices the past few years. Working in a beautiful, thoughtfully designed space makes the workday go by that much faster, after all. The vaulted ceilings, exposed brick, lush treetop views and scale of the home office/bedroom at our Honore listing stopped us in our tracks!
Making the most of the great outdoors
Creating the perfect outdoor space doesn’t have to be complicated. A little privacy, a little something green, and a little space, and you have the perfect recipe for a relaxing oasis! Our clients at our listing Linden Ave Western Springs listing totally transformed their backyard into multiple separate spaces – think a dining area, lounging zone and yard to run around! Our listing on Kenmore has a sizable private balcony, plus a huge roof deck ready for ideas and creativity! For water lovers, check out the amazing pool setup at our Mokena listing!

Our favorite things to do at the Chicago Riverwalk!

Can anyone remember a time before the Riverwalk?! It’s only been around for a few years, but the 1.25-mile path has made its mark! There is always something fun happening, and much like the 606 Trail did for Bucktown, the Riverwalk has reinvigorated the whole neighborhood – which for a real estate broker, is always a good site to see. Whether you are visiting or local, you will find something fun and exciting along the Riverwalk any day of the week, and I’ve outlined a few of my favorites!

Live Music and Performances
From jazz ensembles to acoustic soloists, the Riverwalk showcases a diverse array of musical talent that adds a rhythmic soundtrack to your waterfront adventures. One of my favorite spots to watch live music on the Riverwalk is Tiny Tap & Tiny Cafe. Check out their lineup here! 

Art Installations and Public Art
From larger-than-life sculptures to interactive multimedia exhibits and public art, keep an eye out for rotating exhibitions and temporary installations that constantly bring new life and energy to the Riverwalk. And, of course, you can’t miss Art on theMART. Did you know that it is the world’s largest digital art projection covering 2.5 acres of the Mart’s river-facing facade?! Enjoy a free show every night April through December. 

And don’t forget the Chicago Architecture Center, which is perfectly positioned on the river and offers a huge variety of amazing tours. 

Restaurants and Dining
Some of the city’s best restaurants are along the Riverwalk, and not just because of the incredible views – the food happens to be delicious along the whole promenade. My personal favorites include Gibson’s Italia and RPM Seafood. 

Water Activities 
For those seeking a more adventurous experience, the Riverwalk offers a variety of water activities and excursions that allow you to explore the city from a unique perspective. Rent a kayak or paddleboard and venture out onto the gentle waters of the Chicago River, taking in panoramic views of the skyline and iconic landmarks along the way. Or enjoy a guided architectural boat tour to learn about the rich history and architectural legacy of the city.

Family-Friendly Fun
The Riverwalk is not just for adults! Treat the littles to an afternoon of fun and adventure at one of the interactive play areas or splash pads! 

Iconic 435 N Michigan Ave
One of our current listings is in the recently retrofitted Tribune Tower, overlooking the scenic views of the Riverwalk. Located directly below the iconic building’s historical signage, this two-bedroom, two-and-one-half bath home is nestled in the preferred tier and offers a coveted split floor plan.

Additional information: 

• Luxurious finishes and updates include high-end construction finishes and architectural details including 6.5-inch white oak quarter sawn hardwood flooring and unique millwork, plus the seller additions including custom window treatments and wall treatments throughout the home, and remodeled powder room with antique vanity and designer lighting and wall treatment  

• Chef’s dream kitchen offers classic Bovelli cabinetry, quartzite countertops and backsplash, Wolf, Sub-Zero and Miele appliances with built-in smart technology, custom range hood and island seating for 4

• Primary bath features marble flooring and mosaic tile inlay, full height marble walls, marble shower with frameless glass door, Waterworks rain shower head, marble Kohler undermount bathtub and Bovelli vanity

• Over 55,000+ square feet of building amenities on 4 levels including a ⅓ acre private courtyard, 75-foot indoor lap pool, which opens to an outdoor terrace and sundeck, fitness center, golf simulator and putting green, steam rooms and sauna, dog park, car wash, bike rooms and numerous social/entertaining and work spaces, plus the 25th “crown” floor with indoor and outdoor kitchens, fire pits and herb garden. Concierge 24-hour front door personal and 24/7 engineering staff. 

• Unparalleled location around the corner from the theater district, museum campus, Chicago River and Riverwalk, lakefront, Millennium Park and more! 

• Parking available for an additional fee
   More information is here.

3 ways to enhance lake views with interior design

It amazes me every time I see how transformative a few simple and smart interior design choices can be for a home. I have seen this occur on countless occasions when I work with my friend and interior designer, Marcie Blanco. Marcie is not only extremely talented, but also strategic when it comes to designing homes. She can create high-end luxury spaces, but she is also so good at coming up with easy to executive and cost effective ideas that make a huge difference. 

I recently chatted with her about several of our listings with lake views, wondering if there are any interior design tricks she knows that can help enhance and highlight incredible views. She had so many ideas! 

Window treatments
A lot of the buildings along the lakeshore in Chicago feature stainless steel window frames, a lot of which are from the 90s. To help soften the overall look and add more texture, Marcie recommends incorporating ripple fold curtain panels in front with a sheer layer behind. Bi-layered curtains are a great way to help make a home feel cozy, add dimension and also provide flexibility with both opaque and sheer options.

In terms of length and mounting, Marcie advocates for a ceiling mount whenever possible because it maximizes the perception of ceiling height. For color, Marcie says to look out the window and highlight your favorite parts of what you see. Maybe it is the winter lake, or sunset, or the steel of neighboring buildings. Drawing colors from the outdoors inside creates a cohesive feel. You can see a great visual example at our listing at 229 E Lake Shore Drive.

Lighting
By default, homes with lake views usually also have incredible natural light, which is something you can’t recreate with any amount of interior design. To help create a feeling of quiet luxury, Marice advocates for layering different types of lighting including sconces, floor lamps, and table lamps. With numerous options, natural light is still the star. Smart home technology makes it easier to manage different sources of lighting with just a few buttons, making layered lighting as convenient as overhead cans. Our listing at 1100 N Lake Shore Drive’s expansive rooms are the perfect blank canvas for several types of lighting. 

Color
When decorating to highlight a lake view, Marcie recommends incorporating elements of contrasting colors such as burnt siena, pumpkin, paprika – all of which will make the lake appear brighter. She also advocates for considering color on the ceiling! It may sound counterintuitive, but painting the ceiling in a neutral or neutral adjacent (think charcoal or a deep brown) really frames a space and creates the effect of a warm and cozy envelope. Go bold on furniture and items you take with you when you ultimately move again! 

A few highlights from all of our listings with lake views: 
229 E Lake Shore 10E: Spacious and prestigious 4-bed, 4-bath, 10th floor East Lake Shore Drive home with soaring unobstructed views of Lake Michigan, large formal living room, elegant dining room, and luxurious primary suite Learn more>>

435 N Michigan 620: Prestigious Chicago Tribune 2-bed, 2.5-bath home in the preferred south tower with a coveted split floor plan and gorgeous river and city views Learn more>>

132 E Delaware 5601: First-time opportunity to own this meticulously maintained, spacious home featuring incredible lake, city and sunset views perched atop the Four Seasons Hotel with access to the hotel’s unparalleled amenities Learn more>>

1100 N Lake Shore 24B: Thoughtfully renovated and gently lived-in south-east corner unit with incredible lake,Lake Shore Drive and city views Learn more>>

600 N LSD 3601: Designer home with the most desirable split bedroom floor plan, plus rare unobstructed lake and city views and private balcony Learn more>>

Q1 2024 Chicagoland real estate market overview

It is early April, which means we are at the very heart of the spring real estate market in Chicago. April also means we get a chance to reflect on the market throughout Q1 of this year. So far, the market this year has been heavily influenced by two factors: interest rates and inventory. Sellers are hesitant to list because they are locked in at a lower rate than today’s, so that when they purchase their next home the higher rates are a mental hurdle. As a result, we see the low inventory we are experiencing today – it’s a domino effect/self-perpetuating cycle! 

What we at Busby Group really want Chicagoland sellers to know is that you can truly get a great price for your home right now due to our lack of inventory and pent up demand – take advantage of this current marketplace scenario! There are many, many ways to sell right now and either not buy immediately, rent, buy down an interest rate – all captured in this blog post. 

The very bright spot of happy news is that properties in Chicago continue to appreciate. Across all neighborhoods prices are up, which is good news for all Chicagoans. 

Inventory

As in the entire country, inventory in Chicago is at historic lows across the market in both the city and suburbs. Inventory in March 2024 is actually even lower than it was this time last year. We do anticipate the spring market to continue later than usual this year due to the early rate volatility, and believe that sellers who need to sell in 2024 will begin entering the market in April and May. 

For buyers, low inventory means making sure that you uncover every stone whether that be on or off-market opportunities. Inventory this low typically indicates a sellers’ market, and generally that is what we see across Chicago, but demand is currently very neighborhood-driven. For example, average market time for condos in Lincoln Park (47 days) is significantly lower than the market at large (67 days). 

Market Time

Lincoln Park single-family home market time is higher than condos at 79 days, primarily driven by the higher price tag – single family home buyers are that much more sensitive to interest rate volatility. In the suburbs though, market time across the board is lower than the city, continuing the trend of the past few years of people moving from the city to the suburbs. 

Average Sales Price

Average sales prices for condos and single-family homes across Chicagoland have been in relative lockstep over the past three years, up approximately 20%. With inventory so low the past several years, coupled with the fluctuations in rates, this amount of appreciation in such a short time is striking – and also promising! Investing in Chicagoland real estate continues to be a strong option.