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 April 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

$349,097

$250/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$7,330(+2.1%)

Key Takeaway

Homes in Chicago have sold for 2.1% more than they did a year ago.

Summary: The median home sold price in Chicago was $349,097 in April 2024, up 2.1% from last year, and the median price per square foot was $250.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $225K$234.9K
+4.4%
2 $335.5K$344.9K
+2.8%
3 $394.8K$387.7K
-1.8%
4 $396K$404.2K
+2.1%
5+ $414.5K$418K
+0.8%

Summary: Chicago housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.4%, 2 bedroom homes increased by 2.8%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 0.8%.

Median Sold Price Compared To Nearby Cities

Cicero
+5.3%
Cicero Township
+5.3%
Chicago
+2.1%
Oak Park
-1.6%
Oak Park Township
-1.8%

Housing Supply in Chicago, IL

How many homes are available in Chicago, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
9,09910,769+18.4%

Summary: The Chicago real estate market had 10,769 homes for sale in April 2024, a 18.4% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 1,0841,293
+19.3%
2 2,3892,806
+17.5%
3 2,6793,188
+19.0%
4 1,3211,607
+21.7%
5+ 1,6261,875
+15.3%

Summary: The Chicago housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.3%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes increased by 15.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1,9542,268+16.1%

Asking Price vs. Sold Price

1,023 Homes Were Sold
Under Asking

378 Homes Were Sold
At Asking

867 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. 45.1% of homes here sold below asking price last month.

Summary: A total of 2,268 homes were sold or pending in Chicago in April 2024, up by 16.1% month-over-month. Of the 2,268 sold homes, 45% were sold under asking, 17% were sold at asking, and 38% 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

Apr 2023Apr 2024CHANGE
41 Days33 Days-17.8%

Summary: Homes in Chicago had an average of 33 days on market in Apr 2024, down by 17.8% compared to last year.

Breakdown of Home Sale Times

1,653 Homes Were Sold
Under 30 Days

364 Homes Were Sold
In 30 - 90 Days

251 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 April 2024, 2268 homes were sold in Chicago; 73% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 11% 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 3 Days Ago

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