Is Chicago, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chicago is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Chicago has remained a Seller's Market.

Key Takeaway

Chicago is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Chicago, IL

How much do homes in Chicago, IL cost?

Median Sold Price

$363,936

$260/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$24,110(+7.1%)

Key Takeaway

Homes in Chicago have sold for 7.1% more than they did a year ago.

Summary: The median home sold price in Chicago was $363,936 in November 2024, up 7.1% from last year, and the median price per square foot was $260.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $229.3K$246.8K
+7.7%
2 $338.2K$355.4K
+5.1%
3 $379.1K$415.3K
+9.5%
4 $390K$421.1K
+8.0%
5+ $407.3K$450.1K
+10.5%

Summary: Chicago housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 10.5%.

Median Sold Price Compared To Nearby Cities

Oak Park
+16.5%
Oak Park Township
+16.4%
Chicago
+7.1%
Cicero
+5.8%
Cicero Township
+5.8%

Housing Supply in Chicago, IL

How many homes are available in Chicago, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
9,0649,250+2.1%

Summary: The Chicago real estate market had 9,250 homes for sale in November 2024, a 2.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 9871,008
+2.1%
2 2,2842,276
-0.4%
3 2,7242,789
+2.4%
4 1,3301,379
+3.7%
5+ 1,7391,798
+3.4%

Summary: The Chicago housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.1%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 3.4%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1,9261,620-15.9%

Asking Price vs. Sold Price

845 Homes Were Sold
Under Asking

254 Homes Were Sold
At Asking

521 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chicago, you may be able to get a good deal. 52.2% of homes here sold below asking price last month.

Summary: A total of 1,620 homes were sold or pending in Chicago in November 2024, down by 15.9% month-over-month. Of the 1,620 sold homes, 52% were sold under asking, 16% were sold at asking, and 32% were sold over asking.

Days on Market for Chicago, IL

How long does it take to sell a home in Chicago, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
33 Days33 Days0.4%

Summary: Homes in Chicago had an average of 33 days on market in Nov 2024, up by 0.4% compared to last year.

Breakdown of Home Sale Times

1,084 Homes Were Sold
Under 30 Days

378 Homes Were Sold
In 30 - 90 Days

158 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Chicago are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 1620 homes were sold in Chicago; 67% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

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