*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®.
- 1,063 properties were sold in the City of Chicago in January 2024. This is a 3.0% decrease from January 2023.
- The median sales price in the City of Chicago for January 2024 was $317,500, which is a 7.1% increase from January 2023.
- The City of Chicago saw listings average 81 days on the market until contract, which is a 4.7% decrease from January 2023.
- Check out the January 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
- Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
INVENTORY
- The City of Chicago’s inventory is down 24.9%, from 5,723 homes in January 2023 to 4,296 homes in January 2024.
- The month’s supply of inventory decreased 11.5%, from 2.6 in January 2023 to 2.3 in January 2024.
