What Spring Break Taught Me About This Market

Current Market Conditions

Spring Break has always been one of the best times of the year.

You finally get past the winter, shake off that post-holiday lull, and things start to feel alive again. The weather turns, people come out, there’s just more energy.

When I was younger, I lived for it.

I remember sophomore year in college, sitting around with my roommates after winter break. Everyone was talking about Spring Break, but no one had a plan.

So I asked, “Where do you guys want to go?”

They shrugged. “I don’t know… somewhere warm.”

I threw out Acapulco.

They all laughed.

“Yeah, that’d be awesome… but how would we even pull that off?”
“Sounds like a lot of work.”
“Probably too expensive.”
Like we were even in a position to pull that off.

And I did what I always do when I hear that.

I said, “Alright, if I figure it out, are you guys in?”

They said, “If it’s in budget, we’re in.”

That was all I needed.

Because the reality is, everyone wants the result, very few people want to do what it takes to actually get it.

So I went all in.

I did what I’ve always done, I went out and sold it.

I started going around, fraternity friends, sororities, friends of friends, anyone who would listen.

“Hey, we’re going to Acapulco. You in?”

And it worked.

Because the pitch was simple, the more people we got, the cheaper it became. So people started bringing other people, and before long it just started building on itself.

Looking back, it was probably a little excessive… but at the time, it felt like everything.

The ones who got in early? They locked it in. Best pricing, best setup, no stress.

The ones who waited?

They were scrambling. Paying more. Trying to catch up.

And the result?

The trip was a huge hit.

Everyone went. Everyone had a great time. It was exactly what we wanted it to be.

And the reason it worked wasn’t luck, it was because we planned it early, got organized, and didn’t rush it at the last minute.

And that’s exactly what we’re seeing in the market right now.

This time of year, we always hit a bit of a lull in new inventory leading into Spring Break and Easter. A lot of sellers decide to wait, circle a date, and plan to come on right after the holiday, which is why we consistently see a surge of new listings hit the market right after Easter. It happens every year.

The ones using this time to prepare, they’re the ones who are going to win.

They get the home dialed in.
They have a pricing strategy.
They have a plan for how they’re going to hit the market.

So when they list, they stand out, and they sell.

The ones who wait too long and rush it?

They come on unprepared, miss the moment, and end up chasing the market instead of leading it. Same market. Same buyers. Completely different outcome,  just like that trip, the ones who plan it right are the ones who win.

Demand held steady with last week and remains extremely strong. Expect a slight seasonal dip over the next two weeks with spring break and Easter, but nothing indicating a shift in the market.

Listingswere down this week. Expect that trend to continue through Easter, with a pickup the following week.

Rates moved up this week and are noticeably higher than they were just a few weeks ago.

Contract rose again this week.

Multiple offer were extremely aggressive this week, especially in the outskirts.

The downtown high rise market  saw a slight uptick in showings this week, but the luxury sector continues to lag behind the rest of the market.

Buyers who got out ahead of spring break are in the best position right now. Less competition, more leverage, and better pricing before the recent rate jump.

There’s a backlog building. Many buyers and sellers are hitting pause for spring break, which is setting up for a surge in activity the week after Easter.

Mortgage rates have jumped quickly over the past few weeks, changing the math for buyers and creating more urgency for those still in the market.

The split market is becoming more defined, outskirts are seeing aggressive multiple offers, while downtown (especially luxury) continues to lag.

Preparation is separating buyers right now. Fully underwritten, clean, and decisive offers are consistently winning over higher but less certain ones.

Single Family Homes 
Single family inventory is telling the same story as the past few weeks. We’re heading into a quieter stretch with spring break and Easter, so I don’t expect many new listings to hit over the next couple of weeks. The three weeks following Easter will be a key indicator, that’s when we’ll see whether the summer market brings a real wave of inventory or stays tight. For now, anything entry-level that does come on the market is seeing very strong demand, often with lines around the corner. Move-in ready, high-end “showstopper” homes are seeing similar interest. The only segment that’s moving a bit slower is dated, overpriced properties. Even those are still selling, just taking a little longer and requiring more alignment on price.
Overall, this remains a very strong seller’s market.

Lincoln Park, Lakeview, North Center, Roscoe Village
This area continues to show very strong demand from buyers. When a new listing hits, it quickly becomes competitive, especially at the entry level. A big driver right now is timing, many buyers have leases coming due, which is adding urgency and pushing them to act more aggressively. As a result, we’re seeing strong offers, and buyers who aren’t willing to stretch are often getting passed over. It can be a challenging environment for buyers, but for sellers, it’s a very favorable position. Just like other areas, the period after Easter will be telling. If we see more inventory come to market, things could stabilize heading into the summer. If not, this level of competition is likely to continue. We’re also still seeing very limited inventory in townhomes and duplex-downs, those remain some of the tightest segments. Overall, this continues to be a strong seller’s market.

West Town, Wicker Park, Bucktown, Logan Square, Avondale
Same as above.

West Loop
Demand continues to build here. Entry-level and step-up properties are moving quickly, as long as they’re priced right and show well. The warmer weather is definitely helping the West Loop shine again, and we’re seeing more buyers shift this direction after getting priced out of other neighborhoods. It’s worth noting, this used to be one of the hottest markets in the city. Whether it fully returns to that level this year remains to be seen, but momentum is clearly improving. For now, this remains a balanced market.

Old Town
Old Town is telling a very similar story to the past few weeks. Anything that comes to market is selling, and supply continues to lag behind strong demand. Entry-level walk-up properties under $750K remain by far the hottest segment. Overall, this is a clear, strong seller’s market.

South Loop
The South Loop is starting to show some life. Entry-level and step-up properties are seeing increased showings, and when they’re priced right and show well, they’re selling. That said, execution matters. Properties that are overpriced, dated, or carry higher overhead costs are still sitting. Townhomes are beginning to pick up as well, but the same rules apply, pricing correctly is key to gaining traction. For now, this remains a balanced market.

New East Side & The Loop
The New East Side/Loop has been one of the more challenged markets in the country, but we are starting to see a noticeable bump in demand, particularly from out-of-state and empty nester buyers. This is a positive shift, and it’s driving more activity in move-in ready properties. Well-priced, high-end “showstopper” units are also performing well, especially when positioned below market. On the flip side, anything dated or overpriced continues to sit. Overall, this remains a balanced market.

River North, Streeterville, Gold Coast
Demand continues to build here, and we’re seeing overall improvement in the market, particularly in the entry-level and step-up price points. This is being driven by two main factors: buyers who are priced out of other neighborhoods shifting into the area, along with the return of empty nesters and out-of-state buyers.
That said, pricing is critical. Anything that is dated or overpriced is sitting, especially in the higher-end segment. Even slightly overpricing a property here can cause it to stall, as buyers are extremely price conscious. Overall, this remains a balanced market.

The Big Picture:

• Outskirts: It remains a seller’s market across all categories, 

• Downtown Core:  Is feeling more like a balanced market.