*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®.
- 2,105 properties were sold in the City of Chicago in August 2024. This is a 6.1% decrease from August 2023.
- The median sales price in the City of Chicago for August 2024 was $355,000, which is a 7.3% increase from August 2023.
- The City of Chicago saw listings average 54 days on the market until contract, which is a 3.8% increase from August 2023.
- Check out the August 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
- Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
INVENTORY
- The City of Chicago’s inventory is down 10.7%, from 5,985 homes in August 2023 to 5,344 homes in August 2024.
- The month’s supply of inventory decreased 9.4%, from 3.2 in August 2023 to 2.9 in August 2024.
