*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®.
- 1,332 properties were sold in the City of Chicago in February 2024. This is a 7.7% increase from February 2023.
- The median sales price in the City of Chicago for February 2024 was $330,000, which is a 6.5% increase from February 2023.
- The City of Chicago saw listings average 87 days on the market until contract, which is a 7.4% decrease from February 2023.
- Check out the February 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
- Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.
INVENTORY
- The City of Chicago’s inventory is down 18.1%, from 5,559 homes in February 2023 to 4,555 homes in February 2024.
- The month’s supply of inventory decreased 3.8%, from 2.6 in February 2023 to 2.5 in February 2024.
