Chicago, IL
Housing Market
Chicago's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Chicago's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellChicago Housing Market Overview
The Chicago real estate market remains moderately competitive and provides equal opportunities to both home sellers and buyers. The median home price in Chicago has risen by 7.4% year-over-year, and is currently $362,500. Properties stay on the market for 75 days before going under contract. About 1,483 homes were sold this month, which marks a 2.9% decrease from last year. The market shows signs of sustained demand.
Chicago's housing market offers diverse options for buyers across budgets. You can find luxury high-rises, historic brownstones, and family-friendly bungalows here. The city has seen consistent property value growth over time, thanks to its excellent public transit and iconic architecture. Chicago's appeal lies in its midwestern charm and urban amenities.
Chicago's housing market offers diverse options for buyers across budgets. You can find luxury high-rises, historic brownstones, and family-friendly bungalows here. The city has seen consistent property value growth over time, thanks to its excellent public transit and iconic architecture. Chicago's appeal lies in its midwestern charm and urban amenities.
Median Sale Price
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Chicago Housing Supply
Chicago attracts real estate investors due to strong rental demand. Its diverse economy and cultural appeal also draw primary homebuyers. At present, the number of homes for sale in Chicago, IL, stands at 6,100 properties. The total inventory is down by 15.6% from last year, with 2,909 new listings. Buyers now face more competition as inventory shrinks. Chicago's housing supply sits at 4.1 months, which intensifies competition.
Housing availability in Chicago follows seasonal patterns. More homes enter the market in spring and summer as sellers list more properties. Buyers aim to secure houses in Chicago before winter and the year-end holidays. Chicago offers diverse neighborhoods; Lincoln Park provides green spaces, while Navy Pier attracts tourists year-round. Homes in these prime locations sell quickly despite above-average prices. Well-priced properties in popular neighborhoods often face more competition. So, buyers should act quickly and before making offers, and inspect properties thoroughly. You can also request seller concessions to offset costs in a competitive market.
Housing availability in Chicago follows seasonal patterns. More homes enter the market in spring and summer as sellers list more properties. Buyers aim to secure houses in Chicago before winter and the year-end holidays. Chicago offers diverse neighborhoods; Lincoln Park provides green spaces, while Navy Pier attracts tourists year-round. Homes in these prime locations sell quickly despite above-average prices. Well-priced properties in popular neighborhoods often face more competition. So, buyers should act quickly and before making offers, and inspect properties thoroughly. You can also request seller concessions to offset costs in a competitive market.
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Chicago Housing Demand
Chicago's real estate market shows robust competition at the moment. 33.1% of homes sell above the list price, while 12% of homes sell below asking price. This marks a 1.2 percentage point increase from last year. The sale-to-list price has climbed to 98.9%. This signals that sellers maintain considerable leverage, and buyers must bid near the asking price. The sale-to-list price ratio helps determine market dynamics. In the current climate, it favors sellers.
As a home seller, price your house in Chicago accurately from the start to attract multiple offers. You can also list your home on the Illinois MLS to reach more potential buyers. If the sale-to-list price approaches 100%, expect strong interest from buyers. Meanwhile, if you're buying real estate in Chicago, prepare for competition. Properties in desirable neighborhoods move quickly, so you need to act fast and submit strong offers.
As a home seller, price your house in Chicago accurately from the start to attract multiple offers. You can also list your home on the Illinois MLS to reach more potential buyers. If the sale-to-list price approaches 100%, expect strong interest from buyers. Meanwhile, if you're buying real estate in Chicago, prepare for competition. Properties in desirable neighborhoods move quickly, so you need to act fast and submit strong offers.
Homes Sold Above List Price
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Strong
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Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Chicago Market: When to Buy or Sell?
The Chicago housing market shifts between favoring buyers and sellers. It mirrors trends in the Illinois housing market. When inventory rises in spring, buyers gain options. On the other hand, sellers enjoy higher prices and faster sales when demand peaks in summer.
With Chicago's housing supply at 4.1 months, the market leans toward sellers, unlike the balanced US housing market. So, buyers must act decisively to secure Chicago homes. Sellers can expect reasonable offers if they price their properties strategically. Monitor local indicators to perfectly time your purchase or sale.
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Frequently Asked Questions
How has the average house price in Chicago changed over the past year?
The median home price in Chicago has increased by 7.4% YoY to reach $362,500. You can use our free home value estimator to determine your property's fair market value.
What's the Chicago housing market forecast for 2025?
Chicago home prices should continue their upward trend in the coming months. Demand will likely remain strong despite limited inventory. But rising mortgage rates might slow price growth.
What's the average price of a home in Chicago?
The average home price in Chicago varies by neighborhood and size. Costs typically range from $378,125 for condos to $319,000 for single-family homes. If you want to buy a house in the city, you can explore Chicago homes for sale to find a property that suits your needs.
Is this a good time to buy a house in Chicago, Illinois?
Check Chicago real estate market trends for supply and demand insights. This will help you determine if it's a buyer's or seller's market. Sellers benefit from low inventory and rising prices. But if you find the right property and plan to stay long-term, buying remains worthwhile.
What are the current Chicago housing market trends?
The housing market in Chicago shows year-round activity. Competition varies by neighborhood and property type. Homes in Chicago currently move slightly faster than last year. If you want to buy or sell in Chicago, check the city's housing market trends to time your transaction.
When will the Chicago housing market crash?
The Chicago housing market forecast for 2025 suggests that a crash remains unlikely. Home prices continue to rise steadily, despite higher interest rates.
How to buy a house in Chicago, Illinois?
Start with a clear budget and mortgage pre-approval. Then search for Chicago houses for sale, submit offers, secure loans, and complete the closing process.
How can I list my home for sale in Chicago, IL?
You can list your Chicago home with a Flat Fee MLS Illinois listing service. High-tech MLS listing sites like Houzeo automatically assign the right paperwork based on your location. 🚀
What is the average mortgage rate in Chicago?
The state-wide average mortgage rate fluctuates between 6.06% and 6.94%. Rates depend on market conditions and your credit score. Always check current rates with lenders.
What is the cost of living in Chicago, IL?
The cost of living in Chicago, IL, sits about 14% above the national average. However, housing costs are much lower than other major metro cities, at only $362,500. As a result, Chicago attracts those who want big-city amenities at reasonable costs.
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