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®.
- 2,919 properties were sold in the City of Chicago in May 2019. This is a 4.2 percent decrease from May 2018.
- The median sales price in the City of Chicago for May 2019 was $315,000, up 3.3 percent from this time last year.
- The City of Chicago saw listings an average 73 days on the market until contract, a 5.8 percent increase from 69 days in May 2018.
STATE OF THE MARKET
- At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
- An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
- “While closed sales have fallen, there’s reason for both buyers and sellers to be encouraged,” Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park, said. “Prices are still affordable and interest rates are historically low, as the market remains competitive, but stable. Buyers are gaining some breathing room in the transaction and sellers are having to be more measured in their approach.”
- The City of Chicago’s inventory is up 2.2 percent, from 9,233 homes in May 2018 to 9,435 homes in May 2019.
- The month’s supply of inventory is up 7.7 percent, from 3.9 in May 2018 to 4.2 in May 2019.