*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®.
- 2,207 properties were sold in the City of Chicago in April 2024. This is a 6.4% increase from April 2023.
- The median sales price in the City of Chicago for April 2024 was $370,000, which is an 8.8% increase from April 2023.
- The City of Chicago saw listings average 61 days on the market until contract, which is a 19.7% decrease from April 2023.
- Check out the April 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
- Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
INVENTORY
- The City of Chicago’s inventory is down 11.0%, from 5,437 homes in April 2023 to 4,839 homes in April 2024.
- The month’s supply of inventory decreased 7.1%, from 2.8 in April 2023 to 2.6 in April 2024.
