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 December 2021

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.

How much do homes in Chicago, IL cost?

Median Sold Price

$347,343

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2021

+$1,624(+0.5%)

Key Takeaway

The sold price of homes in Chicago has remained the same since last year.

Median Sold Price By Bedroom Count

# BEDSDec 2021Dec 2022%
1 $219.6K$224.9K
+2.4%
2 $331.1K$339.6K
+2.6%
3 $395.7K$403.9K
+2.1%
4 $410.8K$402.9K
-1.9%
5+ $424.7K$418K
-1.6%

Median Sold Price Compared To Nearby Cities

Cicero
+5.0%
Cicero Township
+5.0%
Chicago
0.5%
Oak Park Township
-0.8%
Oak Park
-0.9%

How many homes are available in Chicago, IL?

Number of Homes For Sale

Nov 2022Dec 2022%
9,5349,299-2.5%

Homes For Sale By Bedroom Count

# BEDSNov 2022Dec 2022%
1 974922
-5.3%
2 2,2942,184
-4.8%
3 2,8592,793
-2.3%
4 1,4961,487
-0.6%
5+ 1,9111,913
0.1%

Number of Homes Sold

Nov 2022Dec 2022%
1,6481,494-9.3%

Asking Price vs. Sold Price

977 Homes Were Sold
Under Asking

196 Homes Were Sold
At Asking

321 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. 65.4% of homes here sold below asking price last month.

Average Sale Time

Dec 2021Dec 2022%
38 Days40 Days+4.5%

Breakdown of Home Sale Times

876 Homes Were Sold
Under 30 Days

449 Homes Were Sold
In 30 - 90 Days

169 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.

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

About Chicago, IL

Chicago, IL has 9,299 homes for sale to choose from. The number of listings in Chicago, IL decreased by 2.5% between November 2022 and December 2022. In December 2022 median list price was $347,343 and the average listing age was 40 days. Between November 2022 and December 2022, listing prices of homes in this real estate market have seen the following changes: prices of 1 bedroom properties increased by 2.4%, 2 bedrooms properties prices increased by 2.6%, the cost of 3 bedrooms properties went up by 2.1%, prices of 4 bedrooms properties went down by 1.9%, 5 bedrooms properties became 1.6% more cheaper. Volume of homes for sale changed: 1 bedroom homes inventory decreased by 5.3%, number of 2 bedrooms homes decreased by 4.8%, volume of 3 bedrooms homes went down by 2.3%, 4 bedrooms homes became 0.6% less available, 5 bedrooms homes became 0.1% more available. In December 2022, from all listings sold in Chicago, IL there were more than 321 sold above asking price, over 977 sold below and more than 196 were sold right at the asked price.

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