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, Senior Director of Communications or Maria Dickman, Communications Manager.
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 September 2017, 2,333 homes sold in the City of Chicago. This is a 2.6 percent decrease from September2016.
- The median sales price in the City of Chicago for September 2017 was $275,000, a 5.8 percent increase from this time last year.
- The City of Chicago saw listings average 65 days on the market until contract, an 11 percent decrease from 73 days in September 2016.
- Check out the September 2017 FastStats.
STATE OF THE MARKET
- Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
- Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
INVENTORY
- City of Chicago inventory is down 4.1 percent, from 10,081 homes in September 2016, to 9,666 homes in September 2017.
- In the City of Chicago, the month’s supply of inventory is down 7.0 percent, from 4.3 months in September 2016 to 4.0 in September 2017.