Is Chicago, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chicago is a seller's market

Buyer's
Market

Difference Since December 2020

Since last year, Chicago has remained a Seller's Market.

Key Takeaway

Chicago is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Chicago, IL cost?

Median Sold Price

$346,223

$241/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2020

+$28,581(+9.0%)

Key Takeaway

Homes in Chicago have sold for 9% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSDec 2020Dec 2021%
1 $220.3K$219.8K
-0.2%
2 $315.3K$332.3K
+5.4%
3 $351.1K$397.3K
+13.1%
4 $358.5K$413.2K
+15.3%
5+ $349.8K$425.2K
+21.5%

Median Sold Price Compared To Nearby Cities

Cicero Township
+10.4%
Cicero
+10.4%
Chicago
+9.0%
Oak Park Township
+7.6%
Oak Park
+7.5%

How many homes are available in Chicago, IL?

Number of Homes For Sale

Nov 2021Dec 2021%
15,80014,827-6.2%

Homes For Sale By Bedroom Count

# BEDSNov 2021Dec 2021%
1 2,0171,895
-6.0%
2 4,4864,176
-6.9%
3 4,2633,958
-7.2%
4 2,2452,132
-5.0%
5+ 2,7892,666
-4.4%

Number of Homes Sold

Nov 2021Dec 2021%
2,6542,570-3.2%

Asking Price vs. Sold Price

1,521 Homes Were Sold
Under Asking

410 Homes Were Sold
At Asking

639 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chicago, you may be able to get a good deal. 59.2% of homes here sold below asking price last month.

Average Sale Time

Dec 2020Dec 2021%
38 Days37 Days-1.8%

Breakdown of Home Sale Times

1,576 Homes Were Sold
Under 30 Days

731 Homes Were Sold
In 30 - 90 Days

263 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Chicago are selling fast, if you're buying plan to act quickly.

About Chicago, IL

Homes for sale in Chicago, IL have reached 14,827. In December 2021 in Chicago, IL there were 6.2% less homes for sale than in November 2021. In December 2021 median list price was $346,223 and the average listing age was 37 days. From November 2021 through December 2021, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went down by 0.2%, prices of 2 bedrooms properties increased by 5.4%, 3 bedrooms properties prices increased by 13.1%, prices of 4 bedrooms properties increased by 15.3%, 5 bedrooms properties became 21.5% more expensive. The following changes in the number of homes for sale were observed in this housing market: volume of 1 bedroom homes went down by 6%, number of 2 bedrooms homes decreased by 6.9%, number of 3 bedrooms homes decreased by 7.2%, 4 bedrooms homes became 5% less available, 5 bedrooms homes inventory decreased by 4.4%. In December 2021, from all listings sold in Chicago, IL there were more than 639 sold above asking price, over 1521 sold below and more than 410 were sold right at the asked price.

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