2023 Market Outlook Recap
Every year the Chicago Association of Realtors (CAR) hosts their annual Market Outlook event. Market experts, top-producing realtors, and industry leaders get together to discuss the coming upheavals and expectations of the new year. With a stagnant in the 2nd half of 2022, Chicago real estate agents are eager to learn about the year ahead of them.
A Strong Market Recovery Forecasted
Between COVID-19, Federal Reserve interest rates, and rising inflation – the questions on everyone’s minds at the 2023 Market Outlook were focused on the state of the Chicago real estate market and the overall health of the industry. With fears of 2008 repeating itself the CAR presenters made sure to tackle this question head-on.
According to Dr. Yun’s presentation – “a housing crisis will likely not occur” (see his full presentation here). Currently, we are seeing a steady increase in jobs and employment overall in the US. With unemployment numbers being an early indicator of recessions, this is good news for Chicago and beyond.
Bigger than unemployment, the two largest indicators of a coming recession are subprime loans and inventory numbers. We are seeing less inventory as compared to the 2008 crisis, showing the market is in a much more stable position long-term. There is also a steady decrease in subprime loans, again comparing these numbers to 2008. This is a great sign not only of a strong market but a signal that behaviors & practices surrounding predatory loans are improving.
Rising 2023 Chicago Rent Prices
While the market may see some relief and recovery in 2023, some areas are still dealing with the ramifications of the COVID-19 lockdowns & rising global inflation. It is expected that rent prices will continue to increase overall over 2023 in Chicago and nationwide.
While Chicago may experience increased rent prices across the city, neighboring markets such as North DuPage county or South Lake county are expected to see slight relief here. According to Rhea Stephen, “we are expecting that growth to double to 4%, putting it towards the top of the nation’s cities with the highest forecasted rental increases this year.”
Watch & Download Presentations from Industry Experts
Hear from the experts directly! If you’re looking for an in-depth
forecast into the 2023 world of real estate looks no further.
- Dr. Lawrence Yun on the Residential Market
- Rhea Stephen on the Commercial Market
- Marki Lemons Ryhal on MRED Tips & Tricks
Check Out The Full 2023 Market Outlook Recap
To read the full breakdowns of all presentations, additional speakers, and much more visit the Chicago Association of Realtor’s website here.