C.A.R.’s market snapshot helps prepare you to answer questions about Chicago’s real estate industry, while projecting confidence and consistency as a voice for Chicago REALTORS®. If you would like to discuss any of your upcoming media or other public speaking opportunities, contact Jessica Kern, Director of Marketing & Communications or Maria Dickman, Communications Specialist.
MARKET SNAPSHOT – CITY OF CHICAGO
*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.- In July 2017, 2,659 homes sold in the City of Chicago. This is a 4.2 percent decrease from July 2016.
- The median sales price in the City of Chicago for July 2017 was $300,000, a 3.4 percent increase from this time last year.
- The City of Chicago saw listings average 59 days on the market until contract, a 10.6 percent decrease from 66 days in July 2016.
- Check out the July 2017 FastStats.
STATE OF THE MARKET
- How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.
- Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
INVENTORY
- City of Chicago inventory is down 6.6 percent, from 9,874 homes in July 2016, to 9,222 homes in July 2017.
- In the City of Chicago, the month’s supply of inventory is down 9.5 percent, from 4.2 in July 2016 to 3.8 in July 2017.