*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®.
- 1,790 properties were sold in the City of Chicago in March 2024. This is an 18.9% decrease from March 2023.
- The median sales price in the City of Chicago for February 2024 was $358,250, which is a 7.0% increase from March 2023.
- The City of Chicago saw listings average 77 days on the market until contract, which is a 14.4% decrease from March 2023.
- Check out the March 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
- The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
INVENTORY
- The City of Chicago’s inventory is down 15.2%, from 5,468 homes in March 2023 to 4,637 homes in March 2024.
- The month’s supply of inventory decreased 7.4%, from 2.7 in March 2023 to 2.5 in March 2024.
