*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®.
- 1,659 properties were sold in the City of Chicago in September 2024. This is an 11.1% decrease from September 2023.
- The median sales price in the City of Chicago for September 2024 was $349,900, which is a 7.7% increase from September 2023.
- The City of Chicago saw listings average 53 days on the market until contract, which is a 7.0% decrease from September 2023.
- Check out the September 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
- Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
INVENTORY
- The City of Chicago’s inventory is down 9.9%, from 6,312 homes in September 2023 to 5,684 homes in September 2024.
- The month’s supply of inventory decreased 8.8%, from 3.4 in September 2023 to 3.1 in September 2024.
