Surging demand and a shortage of homes for sale have left would-be Chicago-area buyers in tense competition.

Home hunters are getting outbid multiple times, even when they’re willing to pay above the asking price. They’ve put in offers within hours of viewing properties, and have appealed to sellers with personal letters.

The median sales price in the nine-county Chicago area was up 13.5% in March compared with March 2020, according to the Illinois Association of Realtors. Part of the reason for that spike: Less than half as many homes were for sale. Click Here to Continue Reading…