Blog > Sawbuck Rides Bluesmobile to Chicago

"It's 106 miles to Chicago, we’ve got a full tank of gas, half a pack of cigarrettes, it’s dark and we’re wearing shades."

We’ve been looking forward to our arrival in Chicago for some time now. Truthfully, we thought it would have happened much sooner—December isn’t really the hottest month for real estate in the Windy City. But here we are, live in Chicago tonight!

More than most markets, Chicago’s MLS gave our data team fits. Around every corner lurked a new, uh, challenge—an Opportunity to Excel, as my father would say. But our team hung in there, improved our technology, and patched the potholes in the MLS data/tools—once again, they’ve done a great job. We’ve added 638,000 new Chicagoland homes to our database, including 80,000 active listings and millions of photos.

Compared to other areas where Sawbuck operates and monitors market conditions, the Chicago market is somewhat sluggish. As a whole, the metro area has about 11 months of inventory—meaning that at the current rate of sales, it would take 11 months to sell all the homes currently on the market. For reference, Dallas has 8.5 months of inventory, Washington DC has 5 months and San Diego has just 4 months.

Some of this difference reflects the fact that the Chicago market has been nowhere near as volatile as those on the coasts (more like Dallas). Prices haven’t dropped here the way they have in Southern California, so buyers aren’t rushing in to pick up bargains. The inventory level is also partly caused by the time of year—in normal real estate markets in the US, inventory tends to build up toward the end of the year before being drawn down during the spring market.

In Chicago itself, some of the healthiest neighborhoods are: Auburn Gresham (5.4 months), Chicago Lawn (5.7) and Edgewater (6.5). Some of the least healthy: Kenwood (25.1), Avondale (18.3) and Grand Boulevard (15.7).

Outside the city, some of the healthiest markets: Romeoville (7.3 months), Schaumburg (7.4) and Oak Forest (6.7). Some of the least: Downers Grove (16.9 months), Prospect Heights (24.0) and Highland Park (24.1).

We’re excited to offer Chicago buyers and sellers access to the same data, tools and service we’ve become known for, starting with detailed market stats and real-time updates on every new listing, price change, contract and sale. Our Advisors and local agent partners are standing by, ready to help Chicagoans find the right home, a great agent and the best mortgage deal—guaranteed.

Our team is working hard to bring our site and benefits to more cities in the weeks ahead, including the Bay Area, Boston, Providence, Phoenix and Philly.