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 June 2023

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.

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

+$13,279(+3.9%)

Key Takeaway

Homes in Chicago have sold for 3.9% more than they did a year ago.

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

# BEDSJun 2023Jun 2024CHANGE
1 $225K$239.8K
+6.6%
2 $332.2K$348.9K
+5.0%
3 $382K$397.6K
+4.1%
4 $388K$404.7K
+4.3%
5+ $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
+11.6%
Oak Park
+11.6%
Cicero
+5.8%
Cicero Township
+5.7%
Chicago
+3.9%

Housing Supply in Chicago, IL

How many homes are available in Chicago, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
10,18410,886+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

# BEDSMay 2024Jun 2024CHANGE
1 1,2301,304
+6.0%
2 2,6732,804
+4.9%
3 2,9453,116
+5.8%
4 1,5341,675
+9.2%
5+ 1,8021,987
+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 2024Jun 2024CHANGE
2,6382,278-13.6%

Asking Price vs. Sold Price

932 Homes Were Sold
Under Asking

412 Homes Were Sold
At Asking

933 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chicago, you could pay more than the asking price. 41% of homes here sold above asking price last month.

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 2023Jun 2024CHANGE
29 Days26 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 26 Days Ago

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