Why Is Housing Inventory an Important Statistic?

As a statistic, housing inventory means the number of homes that are on the market at any given time, and it can determine whether we’re in a buyer’s or seller’s market.  Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price Evaluation When it comes to selling your home, there are some very important statistics that you should know about. One of  those statistics regards housing inventory.  Housing inventory means the number of homes that are on the market at any given time. In our downtown Chicago market, we currently have 654 active listings. Over 30% of those listings have gone under contract in the last 30 days, which means we have a 3.7-month supply of inventory.  “ Our current housing inventory puts us in a seller’s market. ”What does a normal housing inventory look like? Typically, a six-month supply is considered normal, and that level is enough to supply homes for any buyer. That means our 3.7-month supply puts us in a seller’s market. Whenever inventory is up and demand is low, we’re in a buyer’s market.  If you have any more questions about housing inventory or you’re thinking of taking advantage of our seller’s market by listing your own home, give me a call or shoot me an email anytime. I’d love to help you.