*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®.
- 1,724 properties were sold in the City of Chicago in October 2022. This is a 30.1% decrease from October 2021.
- The median sales price in the City of Chicago for October 2022 was $320,000, a 2.3% increase from October 2021.
- The City of Chicago saw listings average 62 days on the market until contract, which is a 7.5% decrease from October 2021.
STATE OF THE MARKET
- Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
- The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
- The City of Chicago’s inventory is down 18.2%, from 8,897 homes in October 2021 to 7,282 homes in October 2022.
- The month’s supply of inventory decreased 9.1%, from 3.3 in October 2021 to 3.0 in October 2022.