*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®.
- 1,532 properties were sold in the City of Chicago in November 2022. This is a 36.0% decrease from November 2021.
- The median sales price in the City of Chicago for November 2022 was $305,000, a 6.7% increase from November 2021.
- The City of Chicago saw listings average 68 days on the market until contract, which is a 3% increase from November 2021.
- Check out the November 2022 FastStats.
STATE OF THE MARKET
- Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
- With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to realtor.com®.
INVENTORY
- The City of Chicago’s inventory is down 15.9%, from 7,838 homes in November 2021 to 6,592 homes in November 2022.
- The month’s supply of inventory stayed steady compared to this time last year at 2.8.
