As we near the end of February 2025, Chicago’s real estate market continues to face inventory shortages, making it a challenging environment for buyers. A new report from Midwest Real Estate Data shows that fewer homes have hit the market in the first eight weeks of 2025 compared to the same period last year.
Specifically, the number of new listings has dropped by 2.7% year-over-year, contributing to the ongoing housing shortage. This trend is driving higher home prices across the metro area, with no significant relief in sight for prospective buyers—especially those looking in the suburbs, where inventory remains particularly tight.
For sellers, this is an opportunity to capitalize on limited supply and rising prices. If you’re thinking about selling a home in Chicago, now is a great time to assess your home’s value and get expert guidance from the Camille Canales Group.
📖 Source: Crain’s Chicago Business
🔗 Read more: Fewer Homes on the Market in 2025 vs. Last Year
From Office Space to Data Centers: A Shift in Chicago’s Commercial Market
Chicago’s downtown office market continues to evolve as developers adapt to high vacancy rates and shifting business needs. This week, it was reported that 601W Companies, the firm behind the Old Post Office redevelopment, is reconsidering its approach to 801 S. Canal St.
Originally marketed as a multitenant office space, the six-story former Northern Trust building—also known as Canal Station—may now be converted into a data center.
Why the Shift?
- Office Leasing Challenges – Many office properties in Chicago have struggled to attract tenants, leading developers to seek alternative uses for their assets.
- Economic Pressures – The property faces a looming $265 million loan with limited refinancing options due to high interest rates.
- The Rise of Data Centers – With the increasing demand for cloud computing and AI infrastructure, data centers are emerging as a profitable alternative to traditional office spaces.
This shift is part of a broader trend in Chicago’s commercial real estate market, where developers are pivoting to meet new economic realities. If you own commercial property and are considering selling or repurposing it, Camille Canales Group can help you navigate these changing conditions.
📖 Source: Crain’s Chicago Business
🔗 Read more: Old Post Office Developer Shifts Gears on Nearby Property
What This Means for Chicago Homebuyers & Sellers
🏡 For Home Sellers: With inventory tightening, home prices continue to rise. If you’ve been thinking about selling a home in Chicago, now is the time to take advantage of this seller-friendly market.
🔍 For Homebuyers: Competition remains strong. Acting quickly and working with an experienced Chicago real estate agent is key to securing the right property before prices climb further.
🏢 For Investors: The evolving commercial real estate market presents opportunities—particularly in the growing data center and mixed-use redevelopment sectors.
The Camille Canales Group is here to help you buy, sell, or invest in Chicago real estate with expert market insights and personalized strategies.
📞 Contact us today at [email protected] or call 773-377-9200.
