*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®.
- 1,498 properties were sold in the City of Chicago in November 2024. This is a 4.8% increase from November 2023.
- The median sales price in the City of Chicago for November 2024 was $365,000, which is a 13.0% increase from November 2023.
- The City of Chicago saw listings average 66 days on the market until contract, which is a 4.8% increase from November 2023.
- Check out the November 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
- The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
INVENTORY
- The City of Chicago’s inventory is down 11.4%, from 5,656 homes in November 2023 to 5,009 homes in November 2024.
- The month’s supply of inventory decreased 10.0%, from 3.0 in November 2023 to 2.7 in November 2024.
