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®.- 1,818 properties were sold in the City of Chicago in November 2018. This is a 7.2 percent decrease from November 2017.
- The median sales price in the City of Chicago for November 2018 was $262,000, up 2.3 percent from this time last year.
- The City of Chicago saw listings average 80 days on the market until contract, a 2.4 percent decrease from 82 days in November 2017.
- Check out the November 2018 FastStats.
STATE OF THE MARKET
- The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.
- The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.
INVENTORY
- City of Chicago inventory is down 2.5 percent, from 8,886 homes in November 2017, to 8,664 homes in November 2018.
- The month’s supply of inventory has increased 2.7 percent, from 3.7 in November 2017 to 3.8 in November 2018 in the City of Chicago.