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®.
- 2,573 properties were sold in the City of Chicago in April 2019. This is a 4.7 percent decrease from April 2018.
- The median sales price in the City of Chicago for April 2019 was $310,000, up 0.8 percent from this time last year.
- The City of Chicago saw listings an average 84 days on the market until contract, a 3.7 percent increase from 81 days in April 2018.
STATE OF THE MARKET
- For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.
- The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, yet inventory is straining to keep pace in the most competitive price ranges.
- “Sales prices rose but were still relatively low in April, incentivizing buyers to act more quickly on homes they’re watching,” Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park, said. “There continues to be more options as inventory is on the rise. As we get closer to summer, we’ll see a balanced market with benefits for buyers and sellers alike.”
- The City of Chicago’s inventory is up 2.4 percent, from 8,709 homes in April 2018 to 8,917 homes in April 2019.
- The month’s supply of inventory is up 8.1 percent, from 3.7 in April 2018 to 4.0 in April 2019.