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®.
- In April 2017, 2,613 homes sold in the City of Chicago. This is a 3.4 percent decrease from April 2016.
- The median sales price in the City of Chicago for April 2017 was $296,800, up 3.8 percent from this time last year.
- The City of Chicago saw listings average 82 days on the market until contract, a 3.5 percent decrease from 85 days in April 2016.
STATE OF THE MARKET
- The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
- Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.
- City of Chicago inventory is down 7.6 percent, from 8,903 homes in April 2016, to 8,230 in April 2017.
- In the City of Chicago, the month’s supply of inventory is down 10.5 percent, from 3.8 in April 2016 to 3.4 in April 2017.