Is Chicago, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Chicago was a Seller's Market.
Housing Prices in Chicago, IL
How much do homes in Chicago, IL cost?
Median Sold Price
$343,330
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Chicago was $343,330 in February 2024, down 1% from last year, and the median price per square foot was $245.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $230.8K | +2.6% |
2 Bedrooms | $339.7K | $339.9K | 0.1% |
3 Bedrooms | $405.2K | $381.7K | -5.8% |
4 Bedrooms | $406.2K | $398.3K | -1.9% |
5+ Bedrooms | $420.6K | $413.5K | -1.7% |
Summary: Chicago housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.6%, 2 bedroom homes increased by 0.1%, 3 bedroom homes decreased by 5.8%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes decreased by 1.7%.
Median Sold Price Compared To Nearby Cities
Cicero | $261.3K | $263K | +0.6% |
Cicero Township | $261.3K | $263K | +0.6% |
Chicago | $346.9K | $343.3K | -1.0% |
Oak Park Township | $399.4K | $375K | -6.1% |
Oak Park | $399.4K | $375K | -6.1% |
Housing Supply in Chicago, IL
How many homes are available in Chicago, IL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
6,970 | 8,926 | +28.1% |
Summary: The Chicago real estate market had 8,926 homes for sale in February 2024, a 28.1% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 740 | 1,002 | +35.4% |
2 Bedrooms | 1,672 | 2,236 | +33.7% |
3 Bedrooms | 2,060 | 2,642 | +28.3% |
4 Bedrooms | 1,118 | 1,408 | +25.9% |
5+ Bedrooms | 1,380 | 1,638 | +18.7% |
Summary: The Chicago housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 35.4%, 2 bedroom homes increased by 33.7%, 3 bedroom homes increased by 28.3%, 4 bedroom homes increased by 25.9%, and 5+ bedroom homes increased by 18.7%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
1,236 | 1,333 | +7.8% |
Asking Price vs. Sold Price
732 Homes Were Sold
Under Asking
204 Homes Were Sold
At Asking
396 Homes Were Sold
Over Asking
Summary: A total of 1,333 homes were sold or pending in Chicago in February 2024, up by 7.8% month-over-month. Of the 1,332 sold homes, 55% were sold under asking, 15% were sold at asking, and 30% 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
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
52 Days | 47 Days | -9.7% |
Summary: Homes in Chicago had an average of 47 days on market in Feb 2024, down by 9.7% compared to last year.
Breakdown of Home Sale Times
753 Homes Were Sold
Under 30 Days
358 Homes Were Sold
In 30 - 90 Days
222 Homes Were Sold
Over 90 Days
Summary: During February 2024, 1333 homes were sold in Chicago; 56% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.