Into the Weekend 02.04.22

This seemingly simple question seems to find its way to me every day of the year, no matter where I am or to whom I am speaking. 

I get it at graduations, at (the last row of) a bris (where I can be found at the bris if I’m at a bris), at the Costco checkout counter, in the men’s room at Gibson’s, on a routine Uber ride to the airport, in the men’s room at RL, at each holiday cocktail party, at each session with my physical therapist, at every ballgame at Wrigley, at every shiva, and every time I pick up my order for El Mariachi. It’s an innocent question from earnest people looking for the answer which will hopefully reassure them about the security of what may be their largest investment - their home.

So, they ask it: “How’s the market?”

After reading articles in Crains or the Wall Street Journal, perhaps after listening to a report on NPR or seeing a post on their phone, they think they know the answer…but then they need to hear it from me, the guy who's been in the thick of it for almost 30 years.

Although it’s tempting to describe the market as “hot” or “sluggish,” the truth is that even in the best of times, the Chicago and Chicagoland markets are highly segmented and nuanced. The market for a historic row home in the Gold Coast is not the same as a 2-bedroom in a Lincoln Park 70’s high-rise, a new construction single family in Lincoln Square, a vintage 3-flat in Rogers Park, a former retrofitted factory in Bucktown, or a lakefront estate in Winnetka. Chicago is no New York, San Francisco, Miami or Aspen where widespread generalizations of the health of the market are common. Agents in these markets have it relatively easy: it’s up, it’s down, it’s super-hot, there’s no inventory, there’s over supply. And then they can move on to their favorite movies and books.

Recognizing what sets Chicago apart and how the various neighborhoods and plethora of housing types are impacted require a more substantive and thorough review of the particular market, sub-market and sub-sub-market. My team and I are well-equipped to give you your answer. But it may require scrutiny, historical context, and a healthy review of the facts on the ground and in the larger community. 

You deserve nothing less.