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 March 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

$346,470

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$851(+0.2%)

Key Takeaway

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

Summary: The median home sold price in Chicago was $346,470 in March 2024, up 0.2% from last year, and the median price per square foot was $246.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $225K$232.9K
+3.5%
2 $340.2K$340.6K
0.1%
3 $400.4K$384.8K
-3.9%
4 $402.5K$399.3K
-0.8%
5+ $420.8K$418.6K
-0.5%

Summary: Chicago housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 0.1%, 3 bedroom homes decreased by 3.9%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes decreased by 0.5%.

Median Sold Price Compared To Nearby Cities

Cicero
+1.9%
Cicero Township
+1.9%
Chicago
0.2%
Oak Park Township
-4.0%
Oak Park
-4.0%

Housing Supply in Chicago, IL

How many homes are available in Chicago, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
8,1909,954+21.5%

Summary: The Chicago real estate market had 9,954 homes for sale in March 2024, a 21.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 9341,166
+24.8%
2 2,0992,570
+22.4%
3 2,4142,926
+21.2%
4 1,2491,514
+21.2%
5+ 1,4941,778
+19.0%

Summary: The Chicago housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 24.8%, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 21.2%, 4 bedroom homes increased by 21.2%, and 5+ bedroom homes increased by 19%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1,4721,846+25.4%

Asking Price vs. Sold Price

916 Homes Were Sold
Under Asking

317 Homes Were Sold
At Asking

612 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. 49.6% of homes here sold below asking price last month.

Summary: A total of 1,846 homes were sold or pending in Chicago in March 2024, up by 25.4% month-over-month. Of the 1,845 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% 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

Mar 2023Mar 2024CHANGE
45 Days40 Days-11.3%

Summary: Homes in Chicago had an average of 40 days on market in Mar 2024, down by 11.3% compared to last year.

Breakdown of Home Sale Times

1,236 Homes Were Sold
Under 30 Days

349 Homes Were Sold
In 30 - 90 Days

261 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 March 2024, 1846 homes were sold in Chicago; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 14% 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 15 Days Ago

Newest Listings in Chicago, IL

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