*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®.
- 1,415 properties were sold in the City of Chicago in November 2023. This is a 9.3% decrease from November 2022.
- The median sales price in the City of Chicago for November 2023 was $323,000, which is a 5.0% increase from November 2022.
- The City of Chicago saw listings average 63 days on the market until contract, which is a 7.4% decrease from November 2022.
- Check out the November 2023 FastStats.
STATE OF THE MARKET
- Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
- Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.
INVENTORY
- The City of Chicago’s inventory is down 24.6%, from 6,980 homes in November 2022 to 5,260 homes in November 2023.
- The month’s supply of inventory decreased 6.7%, from 3.0 in November 2022 to 2.8 in November 2023.
