There are actually two factors that are having effects on the real estate market that are unique to 2020 – (1) Covid has caused more people to want to be in single-family homes, in the suburbs and preferably with larger backyards so that they can effectively socially distance. There are more buyers for these types of properties than there are sellers, so these types of properties it is a sellers’ market. In addition, the requirement to work remotely and have schooling handled remotely, has changed the structure of properties in greatest demand. Home offices are a necessity, as are spaces for children to be able to attend classes remotely without the interruptions of younger siblings. Schools that have reopened may make homes in those school districts more attractive.; (2) The second factor is the change in the downtown Chicago highrise market. In addition to the reasons already stated for leaving the city, riots and looting in the downtown area made living there less attractive. And if working from home is an option, and downtown attractions are less attractive, living in the center of the city is less compelling. Accordingly, there is a glut of units on the market, making it a buyers’ market.
Erica Crohn Minchella, Esq.
November 9, 2020