*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®.
- 1,485 properties were sold in the City of Chicago in December 2023. This is a 2.6% increase from December 2022.
- The median sales price in the City of Chicago for December 2023 was $310,000, which is a 7.8% increase from December 2022.
- The City of Chicago saw listings average 68 days on the market until contract, which is an 8.1% decrease from December 2022.
- Check out the December 2023 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing home sales may continue to pick up in the months ahead.
- Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.
INVENTORY
- The City of Chicago’s inventory is down 26.2%, from 5,738 homes in December 2022 to 4,236 homes in December 2023.
- The month’s supply of inventory decreased 8.0%, from 2.5 in December 2022 to 2.3 in December 2023.
