Chicago real estate is a 'seller’s market'

Chicago, the nation's third most-populous city, is home to more than a dozen Fortune 500 companies, including Boeing, United Continental and Groupon.

CNBC's "Power House" spoke with Baird & Warner broker Millie Rosenbloom, who says housing figures indicate "a seller's market" in the city's vast western suburbs, which are home to many of the people who makes those Fortune 500 firms run.

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According to the Chicago Multiple Listing Service, there's a roughly 2.7-month supply of housing inventory in the city. The number of average days on the market now stands at 68.

Chicago, Illinois.
Bryce Pincham | Stone | Getty Images
Chicago, Illinois.

Rosenbloom pulled three listings in the suburb of Naperville, Illinois, ranging in price from $490,000 to $1,400,000.

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She noted that 2013 was very strong thanks to pent-up demand from buyers who were wary of home ownership between 2009 and 2012, but she doesn't feel that the market was deep enough to carry through 2014 at the same pace.

—By CNBC's Katie Iacovella

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  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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