Housing Market Now Split In Two

Luxury homes like this are plentiful in many markets, but there is a shortage of homes for under $550K.

CHICAGO—Prices steadily increased last month throughout the metropolitan Chicago housing market, an echo of the numbers recorded in May 2017, RE/MAX reports. But the firm also found that the market has essentially split in two, and the luxury market has a very different story than the one for more affordable homes.

“There is an extraordinary amount of inventory for luxury homes,” Paul Wells, a real estate expert with RE/MAX in Barrington, IL, tells GlobeSt.com. But few moderately-priced homes, meaning those costing less than $550,000, are hitting the market. And for those that do go up for sale, the market “is on fire,” with multiple offers coming in for many properties. “I have seen as many as 10, 12 or 15 offers on some houses.”