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, Senior Director of 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 August 2017, 2,753 homes sold in the City of Chicago. This is a 3.1 percent decrease from August 2016.
- The median sales price in the City of Chicago for August 2017 was $285,000, a 5.2 percent increase from this time last year.
- The City of Chicago saw listings average 62 days on the market until contract, a 7.5 percent decrease from 67 days in August 2016.
- Check out the August 2017 FastStats.
STATE OF THE MARKET
- “With the improvement in the economy, people decided to enjoy their summer and the disposable income in their pockets,” Matt Silver, C.A.R. president and partner at Urban Real Estate, said. “While this contributed to a slight slowdown in year over year sales, the market is on track and poised for a strong autumn; days on market continue to decline, and our year to date sales are higher than last year’s. Energy and attention is shifting to the housing market and the opportunities therein.”
- August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
- The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
INVENTORY
- City of Chicago inventory is down 4.8 percent, from 9,760 homes in August 2016, to 9,292 homes in August 2017.
- In the City of Chicago, the month’s supply of inventory is down 4.9 percent, from 4.1 months in August 2016 to 3.9 in August 2017.