*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®.
- 1,282 properties were sold in the City of Chicago in January 2025. This is a 19.5% increase from January 2024.
- The median sales price in the City of Chicago for January 2025 was $350,000, which is a 10.4% increase from January 2024.
- The City of Chicago saw listings average 72 days on the market until contract, which is a 10.0% decrease from January 2024.
- Check out the January 2025 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
- According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.
INVENTORY
- The City of Chicago’s inventory is down 11.5%, from 4,620 homes in January 2024 to 4,087 homes in January 2025.
- The month’s supply of inventory decreased 12.0%, from 2.5 in January 2024 to 2.2 in January 2025.
2-4 Unit Data
- 217 properties were sold in January 2025. This is a 9.2% decrease from January 2024.
- The median sales price in January 2025 was $379,000, a 2.4% increase from January 2024.
- There were 450 new units on the market in January 2025, which is a 3.0% increase from January 2024.
If you’re interested in exploring all the 2-4 unit data, check out our monthly spreadsheets in the Chicago-MU tab.
