Chicago Suburban Home Prices Reach Record Highs.

Home prices in some Chicago suburbs have hit record highs due to low inventory and strong buyer demand, despite rising interest rates. Many potential sellers are hesitant to move due to their low mortgage rates and high equity, leading to a lack of homes for sale. Buyers are willing to pay more to secure a home, resulting in multiple offers and sales above asking price. While inventory may appear tight, many homes are selling as pocket or pre-market listings, not reflected in official inventory calculations.