*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®.
- 1,848 properties were sold in the City of Chicago in September 2023. This is a 10.5% decrease from September 2022.
- The median sales price in the City of Chicago for September 2023 was $324,950, a 1.5% increase from September 2022.
- The City of Chicago saw listings average 57 days on the market until contract, which is a 6.6% decrease from September 2022.
- Check out the September 2023 FastStats.
STATE OF THE MARKET
- National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
- Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
INVENTORY
- The City of Chicago’s inventory is down 27.2%, from 8,161 homes in September 2022 to 5,942 homes in September 2023.
- The month’s supply of inventory decreased 3.0%, from 3.3 in September 2022 to 3.2 in September 2023.
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