*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®.
- 2,434 properties were sold in the City of Chicago in May 2024. This is a 1.1% decrease from May 2023.
- The median sales price in the City of Chicago for May 2024 was $360,000, which is a 7.5% increase from May 2023.
- The City of Chicago saw listings average 58 days on the market until contract, which is a 14.7% decrease from May 2023.
- Check out the May 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
- Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.
INVENTORY
- The City of Chicago’s inventory is down 8.8%, from 5,632 homes in May 2023 to 5,138 homes in May 2024.
- The month’s supply of inventory decreased 3.4%, from 2.9 in May 2023 to 2.8 in May 2024.
