*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®.
- 2,205 properties were sold in the City of Chicago in August 2023. This is an 6.3% decrease from August 2022.
- The median sales price in the City of Chicago for August 2023 was $330,500, a 4.9% increase from August 2022.
- The City of Chicago saw listings average 52 days on the market until contract, which is a 8.3% increase from August 2022.
- Check out the August 2023 FastStats.
STATE OF THE MARKET
- Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
- Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.
INVENTORY
- The City of Chicago’s inventory is down 29.8%, from 7,997 homes in August 2022 to 5,615 homes in August 2023.
- The month’s supply of inventory decreased 6.3%, from 3.2 in August 2022 to 3.0 in August 2023.
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