Written by our team Lead Lauren Mitrick Wood
As the holiday season settles over Chicagoland, we’re reflecting on the dynamic real estate market we’ve experienced this year and sharing how we’re giving back to our community and the environment.
A Look at the 2024 Holiday Market
This fall started off slower than usual, partly due to the election, but the market quickly regained momentum. While this time of year usually finds us puzzling over jigsaw pieces by the fire, instead, we’ve been fielding showing requests, receiving offers, and putting deals under contract for both buyers and sellers. The market isn't as hectic as the spring, but it's also far more active than it typically is this time of year.
Here’s what we’re seeing:
Segmented Market Dynamics:
Some areas are experiencing longer market times, while others continue to see homes fly off the market with multiple offers.
Properties under $600,000, especially in Chicago neighborhoods like Lakeview, remain red hot. One of our clients recently received seven offers on their condo!
The suburbs have cooled slightly but remain active due to limited inventory. While multiple offers are still common, the competition isn't as intense as it is during the spring. Now is the perfect time to buy if you want to avoid facing even more bidding wars in the months ahead.
Luxury Market Resurgence:
Ultra-luxury properties, particularly in the Gold Coast, are seeing a surge in activity. Homes priced above $2 million are trading quickly, often close to asking prices.
Seasonal Rental Trends:
Rental activity is typically slower during this season, but according to MRED (our local MLS), December is experiencing the highest showing activity since 2020—a clear sign that demand is still strong. You can find more market stats from MRED here.
Interest Rate Update:
The Federal Reserve is set to meet this week, and experts predict a reduction in the federal interest rate. Next year, rates are expected to hold steady as the Fed assesses the impact of the rate cut and the new administration's policy.
Whether you're buying, selling, or renting, Chicagoland's real estate market continues to present opportunities for every segment, even during the holidays.
Our Commitment to Giving Back
As we close out 2024, our team of 14 agents has helped clients buy, sell, and rent homes all across Chicagoland. To celebrate these milestones, we’re proud to partner with the Arbor Day Foundation to plant a tree for every home sold this year. From the bustling streets of Chicago to the quiet suburbs, our transactions have not only built dreams for our clients but will also help create a greener future.
Explore Our 2024 Success Stories
We’ve curated a collection of some of the homes we’ve sold this year to showcase the breadth of our work and the wonderful clients we’ve had the privilege to serve. View the collection here.
Looking Ahead
As we head into 2025, don't forget the spring real estate market in Chicagoland kicks off earlier than most people expect—often as early as mid to late January. Buyers are eager to start their searches right after the holidays, looking to secure their next move before competition peaks later in the season. If you’re thinking about selling your home this spring, now is the time to start preparing.
From staging and professional photography to strategic pricing and marketing, our team is here to ensure your home is market-ready to shine. Don’t wait—reach out today to get ahead of the bustling spring market and make the most of this exciting season!
From all of us at Olive Well, happy holidays, and thank you for being part of our journey. Let’s continue to build homes, dreams, and a brighter future—together. And if you STILL need any last minute gifts check out our holiday gift guide here.
XO, the OW Team
