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hicago's housing market experienced a significant surge last month, with nearly 28% more homes going under contract compared to the previous year. The unexpected boom caught many real estate agents off guard, particularly after slow activity in November of the past two years.

    The late-season increase is attributed to favorable conditions such as post-election optimism, stable interest rates around 6.7%, and pleasant weather that made house hunting more enjoyable. According to Midwest Real Estate Data, almost 9,500 homes went under contract within four weeks ending December 2nd – a significant rise since the pandemic-era housing boom in 2021.

    Agents suggest that buyers have become accustomed to higher interest rates and are no longer waiting for them to drop. Many homebuyers may be motivated by a desire to finalize purchases before the holidays, ensuring they settle into their new homes before the new year begins.

    The Chicago market stands out from national trends, with Redfin reporting a 12.1% increase in nationwide contracts over the same period. This discrepancy highlights local factors such as low inventory contributing to unique market conditions in the area.