Expect plenty of homes to sell in Chicago this year, at least if a new study by ZipRealty is to be believed.
According to the real estate company, Chicago is one of the 10 metro areas across the country to watch in 2014 when it comes to home-selling activity. ZipRealty bases this on the high number of consumers who are searching ZipRealty for Chicago-area homes.
Chicago joins such metropolitan areas as Boston, San Francisco, Los Angeles and Phoenix on the list. Chicago, which ranked fourth on ZipRealty’s list, is the only Midwest city to make the top 10.
Lanny Baker, chief executive officer of ZipRealty, said that part of the reason for the high demand in Chicago is a lack of inventory. Baker said that the housing inventory in the Chicago area has fallen 25 percent from November of 2012 to the same month in 2013.
At the same time, homes are selling quicker in the Chicago market. Baker said that the median number of days on the market for Chicago-area homes fell 31 percent from November of 2012 to November of 2013.
The three metropolitan areas that ZipRealty deems hotter than Chicago in 2014 are Los Angeles, San Francisco and Boston.
