Is Chicago, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$346,470
$246/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $232.9K | +3.5% |
2 Bedrooms | $340.2K | $340.6K | 0.1% |
3 Bedrooms | $400.4K | $384.8K | -3.9% |
4 Bedrooms | $402.5K | $399.3K | -0.8% |
5+ Bedrooms | $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 | $260K | $265K | +1.9% |
Cicero Township | $260K | $265K | +1.9% |
Chicago | $345.6K | $346.4K | 0.2% |
Oak Park Township | $394.8K | $379K | -4.0% |
Oak Park | $394.8K | $379K | -4.0% |
Housing Supply in Chicago, IL
How many homes are available in Chicago, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
8,190 | 9,954 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 934 | 1,166 | +24.8% |
2 Bedrooms | 2,099 | 2,570 | +22.4% |
3 Bedrooms | 2,414 | 2,926 | +21.2% |
4 Bedrooms | 1,249 | 1,514 | +21.2% |
5+ Bedrooms | 1,494 | 1,778 | +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 2024 | Mar 2024 | CHANGE |
---|---|---|
1,472 | 1,846 | +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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
45 Days | 40 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
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.