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 February 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

$343,330

$245/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$3,598(-1.0%)

Key Takeaway

Homes in Chicago have sold for 1% less than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $225K$230.8K
+2.6%
2 $339.7K$339.9K
0.1%
3 $405.2K$381.7K
-5.8%
4 $406.2K$398.3K
-1.9%
5+ $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
+0.6%
Cicero Township
+0.6%
Chicago
-1.0%
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

Jan 2024Feb 2024CHANGE
6,9708,926+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

# BEDSJan 2024Feb 2024CHANGE
1 7401,002
+35.4%
2 1,6722,236
+33.7%
3 2,0602,642
+28.3%
4 1,1181,408
+25.9%
5+ 1,3801,638
+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 2024Feb 2024CHANGE
1,2361,333+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chicago, you may be able to get a good deal. 55% of homes here sold below asking price last month.

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 2023Feb 2024CHANGE
52 Days47 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Chicago are selling fast, if you're buying plan to act quickly.

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.

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

Report Updated 27 Days Ago

Newest Listings in Chicago, IL

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What housing markets are near Chicago, IL?