The Chicagoland Real Estate Rodeo: January 2025 Edition

Yeehaw, partners! Saddle up for a wild ride through the highs, lows, and downright wacky turns of the Chicagoland real estate market as we mosey into 2025. Grab your lasso, because this market is anything but tame!

The Incredible Shrinking Listings

Have you ever heard of a real estate magician? No? Well, apparently, the Chicago housing market is full of them because listings are vanishing faster than donuts in the office breakroom. January 2024 saw just 130,475 new properties listed—the lowest since records began. It's like homes are playing hide-and-seek, and buyers are stuck counting to infinity. No wonder competition feels like trying to snag the last pair of Cubs tickets!

Prices Are Rising, and So Are Eyebrows

While listings have pulled a Houdini, home prices are flexing their muscles. Suburban detached homes hit a median of $349,900 last October, up 7.7% from the year before. Attached homes are strutting even harder with a 13% spike to $243,000. Forget pumpkin spice—price hikes are the real seasonal trend in Chicagoland!

Big Projects and Bigger Buzz

Speaking of trends, Fulton Market just won’t quit. Joy Jordan is gearing up for a $170 million development at 415-417 North Sangamon Street. That’s enough zeros to make your head spin! Meanwhile, suburban superstar Matt Laricy is bringing his city charm to Hinsdale with a new office. Urban-to-suburban migration? More like the real estate version of “Great British Bake Off”—sweet, competitive, and impossible to look away from.

Drama, Lawsuits, and Lead Paint…Oh My!

What’s a good rodeo without a bit of drama? The Chicago Housing Authority has been hit with a $24 million fine for a lead paint scandal. Turns out, knowing about contamination and doing nothing about it doesn’t sit well with the law. Who knew?

And in the category of “You Can’t Make This Stuff Up,” Chicago businessman Mark Diamond got 17 years in the clink for a reverse mortgage scam that preyed on seniors. Moral of the story: Don’t mess with Grandma’s retirement funds. Karma’s a cowpoke, and it’s riding high.

Converting Offices and Rolling Dice

Meanwhile, JK Equities and Time Equities are turning Chicago’s Lightner Building into apartments. Because who needs office cubicles when you can have exposed brick and a rent payment that rivals your college tuition?

And let’s not forget Bally’s casino project. They’re betting big—$1.7 billion big—on a shiny new entertainment hub. But first, they’d like a little property tax magic to cut their assessments in half. Will the political powers play ball? Stay tuned; this one’s juicier than a deep-dish pizza.

Closing Thoughts

So there you have it, folks: the January 2025 Chicagoland Real Estate Rodeo. From disappearing listings to rising prices and all the drama in between, this market keeps us on our toes. Yeehaw, indeed.

Sources

• Chicago Agent Magazine: January 2024 Listings

• Chicago Agent Magazine: October 2023 Data

• The Real Deal: Fulton Market Development

• The Real Deal: Chicago Housing Authority Settlement

• The Real Deal: Reverse Mortgage Fraud

• The Real Deal: Office-to-Residential Conversions

• The Real Deal: Bally’s Casino Development