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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Greater Chicago is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Greater Chicago was a Seller's Market.

Key Takeaway

Greater Chicago is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Greater Chicago, IL

How much do homes in Greater Chicago, IL cost?

Median Sold Price

$217,500

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$57,500(+35.9%)

Key Takeaway

Homes in Greater Chicago have sold for 35.9% more than they did a year ago.

Summary: The median home sold price in Greater Chicago was $217,500 in October 2024, up 35.9% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $153.5K$167.5K
+9.1%
3 $170K$204K
+20.0%
4 $164.8K$241K
+46.2%
5+ $229.5K$308K
+34.2%

Summary: Greater Chicago housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 46.2%, and 5+ bedroom homes increased by 34.2%.

Median Sold Price Compared To Nearby Neighborhoods

Greater Chicago
+35.9%
Far Southeast Side
+10.9%
Roseland
+6.3%

Housing Supply in Greater Chicago, IL

How many homes are available in Greater Chicago, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3437+8.8%

Summary: The Greater Chicago real estate market had 37 homes for sale in October 2024, a 8.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1312
-7.7%
3 812
+50.0%
4 67
+16.7%
5+ 76
-14.3%

Summary: The Greater Chicago housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
76-14.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Greater Chicago, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 6 homes were sold or pending in Greater Chicago in October 2024, down by 14.3% month-over-month. Of the 6 sold homes, 33% were sold under asking, 50% were sold at asking, and 17% were sold over asking.

Days on Market for Greater Chicago, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
78 Days45 Days-42.3%

Summary: Homes in Greater Chicago had an average of 45 days on market in Oct 2024, down by 42.3% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Greater Chicago has remained consistent over time.

Summary: During October 2024, 6 homes were sold in Greater Chicago; 33% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 17% 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 22 Days Ago

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