*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®.
- 2,050 properties were sold in the City of Chicago in September 2022. This is a 23.5% decrease from September 2021.
- The median sales price in the City of Chicago for September 2022 was $320,000, the same as September 2021.
- The City of Chicago saw listings average 60 days on the market until contract, which is no change from September 2021.
- Check out the September 2022 FastStats.
STATE OF THE MARKET
- The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
- Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
INVENTORY
- The City of Chicago’s inventory is down 17.9%, from 9,477 homes in September 2021 to 7,783 homes in September 2022.
- The month’s supply of inventory decreased 11.4%, from 3.5 in September 2021 to 3.1 in September 2022.