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®.
- 2,854 properties were sold in the City of Chicago in March 2022. This is a 2.8% decrease from March 2021.
- The median sales price in the City of Chicago for March 2022 was $345,000, the same as this time last year.
- The City of Chicago saw listings average 79 days on the market until contract, a 13.2% decrease from March 2021.
STATE OF THE MARKET
- Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
- Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.
- The City of Chicago’s inventory is down 27.1%, from 8,171 homes in March 2021 to 5,956 homes in March 2022.
- The month’s supply of inventory decreased 33.3%, from 3.3 in March 2021 to 2.2 in March 2022.