*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®.
- 2,580 properties were sold in the City of Chicago in June 2023. This is a 23.9% decrease from June 2022.
- The median sales price in the City of Chicago for June 2023 was $355,750, a 3.1% decrease from June 2022.
- The City of Chicago saw listings average 55 days on the market until contract, which is a 10% increase from June 2022.
- Check out the June 2023 FastStats.
STATE OF THE MARKET
- Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
- Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
INVENTORY
- The City of Chicago’s inventory is down 30.7%, from 7,882 homes in June 2022 to 5,460 homes in June 2023.
- The month’s supply of inventory decreased 3.3%, from 3.0 in June 2022 to 2.9 in June 2023.
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