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shift in the housing market is underway, with more home sellers than buyers nationwide for the first time since 2013. According to a Redfin report, there are 34% more sellers than buyers across the country. In Chicago, the numbers are slightly different, with just over 4% more sellers than buyers.

    Realtor Jeff Lowe notes that the market varies depending on location. "In the core of downtown, it's a buyer's market due to an oversupply of high-rise homes," he said. However, as you move outside of the city center, it remains a seller's market. Experts believe Chicago is inching back towards pre-pandemic norms.

    Mitch Bollinger, director of research at Middleburg Communities, points out that buying a home is historically expensive right now. Nevertheless, Chicago is more affordable compared to other major metropolitan areas like New York and Los Angeles.

    If you're planning to buy real estate soon, be prepared to act fast. It's essential to talk with a lender beforehand and understand your budget before viewing properties. When searching for a property, take a thorough look around on the first showing, as listings are selling quickly and may not be available again. Additionally, keep in mind that when it's time for reassessment, you'll be taxed on the most recent sale price, so overpaying can lead to higher property taxes.