*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®.
- 2,263 properties were sold in the City of Chicago in June 2024. This is a 14.0% decrease from June 2023.
- The median sales price in the City of Chicago for June 2024 was $379,975, which is a 6.5% increase from June 2023.
- The City of Chicago saw listings average 49 days on the market until contract, which is a 10.9% decrease from June 2023.
- Check out the June 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
- Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
INVENTORY
- The City of Chicago’s inventory is down 11.2%, from 5,861 homes in June 2023 to 5,205 homes in June 2024.
- The month’s supply of inventory decreased 9.7%, from 3.1 in June 2023 to 2.8 in June 2024.
