*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®.
- 1,594 properties were sold in the City of Chicago in December 2024. This is a 6.1% increase from December 2023.
- The median sales price in the City of Chicago for December 2024 was $344,000, which is an 11.0% increase from December 2023.
- The City of Chicago saw listings average 67 days on the market until contract, which is a 2.9% decrease from December 2023.
- Check out the December 2024 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
- Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
INVENTORY
- The City of Chicago’s inventory is down 13.1%, from 4,570 homes in December 2023 to 3,970 homes in December 2024.
- The month’s supply of inventory decreased 12.5%, from 2.4 in December 2023 to 2.1 in December 2024.
