*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®.
- 1,080 properties were sold in the City of Chicago in January 2023. This is a 41.0% decrease from January 2022.
- The median sales price in the City of Chicago for January 2023 was $296,408, a 4.4% decrease from January 2022.
- The City of Chicago saw listings average 85 days on the market until contract, which is a 4.0% decrease from January 2022.
- Check out the January 2023 FastStats.
STATE OF THE MARKET
- The U.S. housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.
- As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.
INVENTORY
- The City of Chicago’s inventory is down 11.7%, from 6,085 homes in January 2022 to 5,373 homes in January 2023.
- The month’s supply of inventory increased 9.1%, from 2.2 in January 2022 to 2.4 in January 2023.
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