Is It a Good Time to Buy? My Honest Answer, Even in This Market
By Emily Sachs Wong, Broker, @properties Christie's International Real Estate
I get asked this question almost every week, usually with a nervous laugh attached: "Emily, isn't it a terrible time to buy? Prices are up, everything sells in days, and I keep losing out on offers." I understand why it feels that way. But after 29+ years of watching Lincoln Park, Lakeview, Bucktown and the Gold Coast move through cycle after cycle, I can tell you plainly: yes, for the right buyer, this is still a good time to buy. Let me walk you through why.
The market really is busy — that part isn't in your head
As a point of reference, Lincoln Park and Lakeview home prices are up meaningfully over the past year, and homes are going under contract faster than they were twelve months ago. Gold Coast and other key Chicago neighborhoods have seen similarly strong appreciation, with well-priced condos and historic homes drawing multiple offers, especially anything with lake views or move-in-ready finishes. Citywide, Chicago's median has been climbing steadily too, but our neighborhoods are outperforming the broader market by a wide margin.
So no, I'm not going to tell you prices are about to drop or that you'll have your pick of listings with no competition. That's not what's happening on the ground.
Why "busy and expensive" doesn't mean "bad time to buy"
This is what gets lost in the headlines: a competitive market and a good time to buy aren't opposites. A few things are true at once right now:
- Inventory is genuinely tight, and it isn't loosening up. A lot of owners locked in mortgage rates years ago and simply aren't selling, which means the homes that do come to market get absorbed quickly. If you're waiting for more choices to show up, you could be waiting a long time — and paying more for the privilege.
- Chicago is still a relative bargain. Compared to New York, LA, Miami, or even the coasts more broadly, our luxury price-per-square-foot is still a fraction of the cost, while the lifestyle, architecture, lakefront access, and school districts in Lincoln Park and Gold Coast rival anything in the country. Buyers relocating from other major markets consistently tell me our prices feel like a discount.
- Appreciation has been consistent, not speculative. This isn't a bubble driven by easy money and flippers. It's genuine demand running into genuine supply constraints — the kind of fundamentals that tend to hold up in many sorts of markets rather than reverse sharply.
- Time in the market usually beats timing the market. Similar to buying stocks-it's tough to pick the perfect time. If you're buying a home you'll live in for five, ten, or twenty years, the difference between buying this spring versus "waiting for a dip" is usually small compared to the cost of sitting out a year (or three) of appreciation and rent.
Who this is — and isn't — right for
I'll (always) be straight with you: if you need to be in the absolute driver's seat on price, or you're hoping to lowball your way into a deal, this isn't your season. Well-priced, well-presented homes in Lincoln Park, Lakeview, Bucktown/Wicker Park, Gold Coast and Lincoln Square are still fielding multiple offers, often over asking, often within the first few days or week.
If you have a realistic time horizon, financing in order, and a willingness to move decisively when the right home appears, this market rewards buyers who are prepared —just not buyers who are patient to a fault.
How to actually win in a market like this
A few things I tell every client right now:
- Get fully underwritten, not just pre-approved, before you start touring. Sellers can tell the difference, and so can I.
- Know your top three streets or buildings cold, so that you can move in hours, not days, when something hits.
- Be ready to waive contingencies you're comfortable waiving — with the right guidance on which ones actually carry risk and which don't. We can have a true heart to heart on this so I understand what your hot buttons are.
- Let me flag off-market and coming-soon opportunities. A meaningful share of what my team and I sell never hits the open market at all. If you are a buyer with us-lucky you!
The bottom line
Yes, it's a busy market. Yes, prices are up. And yes — it's still a good time to buy, if you buy the right way. The question isn't really "should I wait for things to calm down." It's "am I set up to move when the right home shows up." That's where I can help.
If you're weighing a purchase in core Chicago neighborhoods like Lincoln Park, Gold Coast, or anywhere nearby, let's talk through your specific situation — I'm always happy to give you a straight answer, not a sales pitch, and not just an answer that you want to want to hear. You will always get my deep knowledge and thoughtful answer.
— Emily Sachs Wong