Is Greater Chicago, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Greater Chicago is a neutral's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Greater Chicago was a Seller's Market.

Key Takeaway

Greater 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 Greater Chicago, IL

How much do homes in Greater Chicago, IL cost?

Median Sold Price

$173,840

$121/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$13,847(-7.4%)

Key Takeaway

Homes in Greater Chicago have sold for 7.4% less than they did a year ago.

Summary: The median home sold price in Greater Chicago was $173,840 in April 2024, down 7.4% from last year, and the median price per square foot was $121.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $162.5K$151.5K
-6.8%
3 $189K$225K
+19.0%
4 $183.9K$174.4K
-5.2%
5+ $263K$308K
+17.1%

Summary: Greater Chicago housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 6.8%, 3 bedroom homes increased by 19%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes increased by 17.1%.

Median Sold Price Compared To Nearby Neighborhoods

Far Southeast Side
+0.8%
Roseland
-5.3%
Greater Chicago
-7.4%

Housing Supply in Greater Chicago, IL

How many homes are available in Greater Chicago, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
3143+38.7%

Summary: The Greater Chicago real estate market had 43 homes for sale in April 2024, a 38.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 612
+100.0%
3 1316
+23.1%
4 58
+60.0%
5+ 77
0.0%

Summary: The Greater Chicago housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 60%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
770.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Greater Chicago, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Greater Chicago in April 2024, the same as the previous month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.

Days on Market for Greater Chicago, IL

How long does it take to sell a home in Greater Chicago, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
99 Days32 Days-67.4%

Summary: Homes in Greater Chicago had an average of 32 days on market in Apr 2024, down by 67.4% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 7 homes were sold in Greater Chicago; 57% of homes were sold within 30 days, 29% 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 18 Days Ago

Newest Listings in Greater Chicago, IL

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