C.A.R.’s market snapshot helps prepare you to answer questions about Chicago’s real estate industry, while projecting confidence and consistency as a voice for Chicago REALTORS®. If you would like to discuss any of your upcoming media or other public speaking opportunities, contact Jessica Kern, Senior Director of Communications or Maria Dickman, Communications Manager.
MARKET SNAPSHOT – CITY OF CHICAGO
*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®.- In December 2017, 2,034 homes sold in the City of Chicago. This is a 3.1 percent increase from December 2016.
- The median sales price in the City of Chicago for December 2017 was $267,250, up 2.8 percent from this time last year.
- The City of Chicago saw listings average 88 days on the market until contract, a 7.3 percent increase from 82 days in December 2016.
- Check out the December 2017 FastStats.
STATE OF THE MARKET
- The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.
- Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation.
INVENTORY
- City of Chicago inventory is down 9.4 percent, from 7,650 homes in December 2016, to 6,929 homes in December 2017.
- In the City of Chicago, the month’s supply of inventory is down 9.4 percent, from 3.2 in December 2016 to 2.9 in December 2017.