Is Chicago, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Chicago has remained a Seller's Market.
Housing Prices in Chicago, IL
How much do homes in Chicago, IL cost?
Median Sold Price
$350,428
$255/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Chicago was $350,428 in June 2024, up 3.9% from last year, and the median price per square foot was $255.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $239.8K | +6.6% |
2 Bedrooms | $332.2K | $348.9K | +5.0% |
3 Bedrooms | $382K | $397.6K | +4.1% |
4 Bedrooms | $388K | $404.7K | +4.3% |
5+ Bedrooms | $406.8K | $425.4K | +4.6% |
Summary: Chicago housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.6%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 4.6%.
Median Sold Price Compared To Nearby Cities
Oak Park Township | $379K | $423K | +11.6% |
Oak Park | $379K | $423K | +11.6% |
Cicero | $260K | $274.9K | +5.8% |
Cicero Township | $260K | $274.9K | +5.7% |
Chicago | $337.1K | $350.4K | +3.9% |
Housing Supply in Chicago, IL
How many homes are available in Chicago, IL?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
10,184 | 10,886 | +6.9% |
Summary: The Chicago real estate market had 10,886 homes for sale in June 2024, a 6.9% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1,230 | 1,304 | +6.0% |
2 Bedrooms | 2,673 | 2,804 | +4.9% |
3 Bedrooms | 2,945 | 3,116 | +5.8% |
4 Bedrooms | 1,534 | 1,675 | +9.2% |
5+ Bedrooms | 1,802 | 1,987 | +10.3% |
Summary: The Chicago housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 10.3%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
2,638 | 2,278 | -13.6% |
Asking Price vs. Sold Price
932 Homes Were Sold
Under Asking
412 Homes Were Sold
At Asking
933 Homes Were Sold
Over Asking
Summary: A total of 2,278 homes were sold or pending in Chicago in June 2024, down by 13.6% month-over-month. Of the 2,277 sold homes, 41% were sold under asking, 18% were sold at asking, and 41% were sold over asking.
Days on Market for Chicago, IL
How long does it take to sell a home in Chicago, IL?
Average Sale Time
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
29 Days | 26 Days | -8.7% |
Summary: Homes in Chicago had an average of 26 days on market in Jun 2024, down by 8.7% compared to last year.
Breakdown of Home Sale Times
1,741 Homes Were Sold
Under 30 Days
388 Homes Were Sold
In 30 - 90 Days
149 Homes Were Sold
Over 90 Days
Summary: During June 2024, 2278 homes were sold in Chicago; 76% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.