C.A.R.’s market snapshot helps prepare you to answer questions about Chicago’s real estate industry, while projecting confidence and consistency as a voice for Chicago REALTORS®. If you would like to discuss any of your upcoming media or other public speaking opportunities, contact Jessica Kern, Director of Marketing & Communications or Maria Dickman, Communications Specialist.
MARKET SNAPSHOT – CITY OF CHICAGO
*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®.- In May 2017, 3,007 homes sold in the City of Chicago. This is a 1 percent increase from May 2016.
- The median sales price in the City of Chicago for May 2017 was $306,000, up 5.4 percent from this time last year.
- The City of Chicago saw listings average 68 days on the market until contract, a 8.1 percent decrease from 74 days in May 2016.
- Check out the May 2017 FastStats.
STATE OF THE MARKET
- Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases, is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.
- In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.
INVENTORY
- City of Chicago inventory is down 8.0 percent, from 9,317 homes in May 2016, to 8,569 homes in May 2017.
- In the City of Chicago, the month’s supply of inventory is down 10.3 percent, from 3.9 in May 2016 to 3.5 in May 2017.