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, Director of Marketing & Communications or Maria Dickman, Communications Specialist.
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 February 2017, 1,509 homes sold in the City of Chicago. This is a 3.6 percent decrease from February 2016.
- The median sales price in the City of Chicago for February 2017 was $246,000, up 3.7 percent from this time last year.
- The City of Chicago saw listings average 100 days on the market until contract, a 1.5 percent decrease from 102 days in February 2016.
- Check out the February 2017 FastStats.
STATE OF THE MARKET
- The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.
- Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment. This matters because job growth and higher paychecks fuel home purchases. Unfortunately, that won’t matter for potential buyers if price appreciation outpaces income growth and if mortgage rates continue their upward trend. Sellers are getting a generous number of offers in this market. The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.
INVENTORY
- City of Chicago inventory is down 9.8 percent, from 8,469 homes in February 2016, to 7,636 in February 2017.
- In the City of Chicago, the month’s supply of inventory is down 11.1 percent, from 3.6 in February 2016 to 3.2 in February 2017.
INFOGRAPHIC
