Is Chicago, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Chicago has remained a Seller's Market.
Housing Prices in Chicago, IL
How much do homes in Chicago, IL cost?
Median Sold Price
$349,097
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Chicago was $349,097 in April 2024, up 2.1% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $234.9K | +4.4% |
2 Bedrooms | $335.5K | $344.9K | +2.8% |
3 Bedrooms | $394.8K | $387.7K | -1.8% |
4 Bedrooms | $396K | $404.2K | +2.1% |
5+ Bedrooms | $414.5K | $418K | +0.8% |
Summary: Chicago housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.4%, 2 bedroom homes increased by 2.8%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 0.8%.
Median Sold Price Compared To Nearby Cities
Cicero | $256.4K | $270K | +5.3% |
Cicero Township | $256.4K | $270K | +5.3% |
Chicago | $341.7K | $349K | +2.1% |
Oak Park | $390.4K | $384.1K | -1.6% |
Oak Park Township | $390.8K | $383.6K | -1.8% |
Housing Supply in Chicago, IL
How many homes are available in Chicago, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
9,099 | 10,769 | +18.4% |
Summary: The Chicago real estate market had 10,769 homes for sale in April 2024, a 18.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1,084 | 1,293 | +19.3% |
2 Bedrooms | 2,389 | 2,806 | +17.5% |
3 Bedrooms | 2,679 | 3,188 | +19.0% |
4 Bedrooms | 1,321 | 1,607 | +21.7% |
5+ Bedrooms | 1,626 | 1,875 | +15.3% |
Summary: The Chicago housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.3%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes increased by 15.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,954 | 2,268 | +16.1% |
Asking Price vs. Sold Price
1,023 Homes Were Sold
Under Asking
378 Homes Were Sold
At Asking
867 Homes Were Sold
Over Asking
Summary: A total of 2,268 homes were sold or pending in Chicago in April 2024, up by 16.1% month-over-month. Of the 2,268 sold homes, 45% were sold under asking, 17% were sold at asking, and 38% were sold over asking.
Days on Market for Chicago, IL
How long does it take to sell a home in Chicago, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
41 Days | 33 Days | -17.8% |
Summary: Homes in Chicago had an average of 33 days on market in Apr 2024, down by 17.8% compared to last year.
Breakdown of Home Sale Times
1,653 Homes Were Sold
Under 30 Days
364 Homes Were Sold
In 30 - 90 Days
251 Homes Were Sold
Over 90 Days
Summary: During April 2024, 2268 homes were sold in Chicago; 73% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.