*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®.
- 2,043 properties were sold in the City of Chicago in April 2023. This is a 37.1% decrease from April 2022.
- The median sales price in the City of Chicago for April 2023 was $340,000, an 8.1% decrease from April 2022.
- The City of Chicago saw listings average 77 days on the market until contract, which is a 26.2% increase from April 2022.
- Check out the April 2023 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales declined 2.4% month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
- Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
INVENTORY
- The City of Chicago’s inventory is down 23.9%, from 6,686 homes in April 2022 to 5,088 homes in April 2023.
- The month’s supply of inventory increased 4.0%, from 2.5 in April 2022 to 2.6 in April 2023.
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