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®.- 1,984 properties were sold in the City of Chicago in September 2018. This is a 15.7 percent decrease from September 2017.
- The median sales price in the City of Chicago for September 2018 was $287,150, up 4.4 percent from this time last year.
- The City of Chicago saw listings average 71 days on the market until contract, a 9.2 percent increase from 65 days in September 2017.
- Check out the September 2018 FastStats.
STATE OF THE MARKET
- Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
- Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.
- “We’re in a situation where, because people may be priced out of the few price bands where there is inventory, the overall housing market has made a steep correction,” Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park, said. “Price continues to be key in current market conditions, particularly as interest rates continue their steady rise.”
INVENTORY
- City of Chicago inventory is down 2.2 percent, from 10,170 homes in September 2017, to 9,945 homes in September 2018.
- The month’s supply of inventory has remained the same, at 4.3 in both September 2017 and September 2018 in the City of Chicago.