*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®.
- 2,421 properties were sold in the City of Chicago in May 2023. This is a 28.2% decrease from May 2022.
- The median sales price in the City of Chicago for May 2023 was $335,000, an 4.3% decrease from May 2022.
- The City of Chicago saw listings average 69 days on the market until contract, which is a 25.5% increase from May 2022.
- Check out the May 2023 FastStats.
STATE OF THE MARKET
- Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.
- While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
- The City of Chicago’s inventory is down 26.6%, from 7,114 homes in May 2022 to 5,223 homes in May 2023.
- The month’s supply of inventory remained steady in May 2023 at 2.7.