*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®.
- 2,016 properties were sold in the City of Chicago in July 2023. This is an 18.7% decrease from July 2022.
- The median sales price in the City of Chicago for July 2023 was $342,000, a 2.3% decrease from July 2022.
- The City of Chicago saw listings average 52 days on the market until contract, which is a 15.6% increase from July 2022.
STATE OF THE MARKET
- Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
- Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
- The City of Chicago’s inventory is down 32.6%, from 8,236 homes in July 2022 to 5,554 homes in July 2023.
- The month’s supply of inventory decreased 9.4%, from 3.2 in July 2022 to 2.9 in July 2023.