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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chicago is a neutral's market

Buyer's
Market

Difference Since January 2023

At the same time last year, Chicago was a Seller's Market.

Key Takeaway

Chicago is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Chicago, IL

How much do homes in Chicago, IL cost?

Median Sold Price

$341,489

$244/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

-$4,515(-1.3%)

Key Takeaway

Homes in Chicago have sold for 1.3% less than they did a year ago.

Summary: The median home sold price in Chicago was $341,489 in January 2024, down 1.3% from last year, and the median price per square foot was $244.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $225K$229.9K
+2.2%
2 $340.1K$338.8K
-0.4%
3 $403.7K$380.2K
-5.8%
4 $403.6K$395.8K
-1.9%
5+ $415.2K$415.3K
0.0%

Summary: Chicago housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.2%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes decreased by 5.8%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Cicero
+1.2%
Cicero Township
+1.2%
Chicago
-1.3%
Oak Park Township
-6.1%
Oak Park
-6.1%

Housing Supply in Chicago, IL

How many homes are available in Chicago, IL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
6,9497,757+11.6%

Summary: The Chicago real estate market had 7,757 homes for sale in January 2024, a 11.6% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 698790
+13.2%
2 1,5861,831
+15.4%
3 2,0702,313
+11.7%
4 1,1251,278
+13.6%
5+ 1,4701,545
+5.1%

Summary: The Chicago housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.2%, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 5.1%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
1,7161,135-33.9%

Asking Price vs. Sold Price

638 Homes Were Sold
Under Asking

170 Homes Were Sold
At Asking

327 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. 56.2% of homes here sold below asking price last month.

Summary: A total of 1,135 homes were sold or pending in Chicago in January 2024, down by 33.9% month-over-month. Of the 1,135 sold homes, 56% were sold under asking, 15% were sold at asking, and 29% 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

Jan 2023Jan 2024CHANGE
48 Days44 Days-8.7%

Summary: Homes in Chicago had an average of 44 days on market in Jan 2024, down by 8.7% compared to last year.

Breakdown of Home Sale Times

629 Homes Were Sold
Under 30 Days

357 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 January 2024, 1135 homes were sold in Chicago; 55% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 13% 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 23 Days Ago

Newest Listings in Chicago, IL

Nearby Markets to Chicago, IL

What housing markets are near Chicago, IL?