Housing market struggles with low inventory and seller strikes.

The spring housing market in Chicago is stalling due to historically low levels of available homes, with more sellers staying on the sidelines because of high mortgage rates and fears that the tight supply of homes might make it difficult for them to find another place to live. The inventory of homes for sale in the city is down about 18% year-over-year, according to February data from Illinois Realtors. Higher mortgage rates mean buyers can afford less, and the cost of rent in the Chicago area has increased greatly over the last few years. The area median incomes in Chicago and Cook County were $65,781 and $72,121, respectively, according to 2021 U.S. Census Bureau data.