*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®.
- 1,717 properties were sold in the City of Chicago in October 2024. This is a 4.9% increase from October 2023.
- The median sales price in the City of Chicago for October 2024 was $345,500, which is an 8.0% increase from October 2023.
- The City of Chicago saw listings average 57 days on the market until contract, which is the same as October 2023.
- Check out the October 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
- There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3- month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
INVENTORY
- The City of Chicago’s inventory is down 10.5%, from 6,213 homes in October 2023 to 5,559 homes in October 2024.
- The month’s supply of inventory decreased 9.1%, from 3.3 in October 2023 to 3.0 in October 2024.
