*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®.
- 2,187 properties were sold in the City of Chicago in March 2023. This is a 24.1% decrease from March 2022.
- The median sales price in the City of Chicago for March 2023 was $335,000, a 2.9% decrease from March 2022.
- The City of Chicago saw listings average 89 days on the market until contract, which is a 13.2% increase from March 2022.
- Check out the March 2023 FastStats.
STATE OF THE MARKET
- Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring, increasing for the third consecutive month, according to NAR.
- Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.
INVENTORY
- The City of Chicago’s inventory is down 21.9%, from 6,505 homes in March 2022 to 5,081 homes in March 2023.
- The month’s supply of inventory increased 5.1%, from 2.4 in March 2022 to 2.5 in March 2023.
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