*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®.
- 2,183 properties were sold in the City of Chicago in July 2024. This is a 6.4% increase from July 2023.
- The median sales price in the City of Chicago for July 2024 was $360,000, which is a 5.9% increase from July 2023.
- The City of Chicago saw listings average 54 days on the market until contract, which is a 1.9% increase from July 2023.
- Check out the July 2024 FastStats.
STATE OF THE MARKET
- U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes
- Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.
INVENTORY
- The City of Chicago’s inventory is down 10.8%, from 5,905 homes in July 2023 to 5,267 homes in July 2024.
- The month’s supply of inventory decreased 6.5%, from 3.1 in July 2023 to 2.9 in July 2024.
