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®.- 2,642 properties were sold in the City of Chicago in September 2021. This is an 0.3% increase from September 2020.
- The median sales price in the City of Chicago for September 2021 was $320,000, a 0.6% decrease from September 2020.
- The City of Chicago saw listings average 59 days on the market until contract, an 10.6% decrease from September 2020.
- Check out the September 2021 FastStats.
STATE OF THE MARKET
- Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
- There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.
- “The market feels like it’s starting to take a breath after a breakneck pace all year, which is great news for buyers,” Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners, said. “The year-to-date data reflects how strong of a year it’s been for sellers thus far. Both positives for the months ahead!”
INVENTORY
- The City of Chicago’s inventory is down 21.1%, from 11,329 homes in September 2020 to 8,940 homes in September 2021.
- The month’s supply of inventory decreased 37.7%, from 5.3 in September 2020 to 3.3 in September 2021.
