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 Manager.
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 October 2017, 2,084 homes sold in the City of Chicago. This is a 1.9 percent increase from October 2016.
- The median sales price in the City of Chicago for October 2017 was $262,500, a 0.9 percent increase from this time last year.
- The City of Chicago saw listings average 74 days on the market until contract, a 1.3 percent decrease from 75 days in October 2016.
- Check out the October 2017 FastStats.
STATE OF THE MARKET
- For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.
- Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.
- Steady seems to be the name of the game, and this fall is proving no different,” Rebecca Thomson, president of the Chicago Association of REALTORS® and Vice President of Agent Development at @properties, said. “Although inventory continues to tighten, we now see an increase in new construction that is fueling price gains, particularly in the condo market. As we enter the holiday season, between the healthy economy and strong demand, these trends show little signs of slowing down.”
INVENTORY
- City of Chicago inventory is down 4.7 percent, from 9,762 homes in October 2016, to 9,300 homes in October 2017.
- In the City of Chicago, the month’s supply of inventory is down 4.9 percent, from 4.1 months in October 2016 to 3.9 in October 2017.