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 November 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

$220,000

$143/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$51,650(+30.7%)

Key Takeaway

Homes in Greater Chicago have sold for 30.7% more than they did a year ago.

Summary: The median home sold price in Greater Chicago was $220,000 in November 2024, up 30.7% from last year, and the median price per square foot was $143.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $153.5K$168K
+9.4%
3 $164.9K$210K
+27.3%
4 $171.7K$241K
+40.3%
5+ $308K$310K
+0.6%

Summary: Greater Chicago housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 40.3%, and 5+ bedroom homes increased by 0.6%.

Median Sold Price Compared To Nearby Neighborhoods

Greater Chicago
+30.7%
Far Southeast Side
+11.8%
Roseland
+9.7%

Housing Supply in Greater Chicago, IL

How many homes are available in Greater Chicago, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2939+34.5%

Summary: The Greater Chicago real estate market had 39 homes for sale in November 2024, a 34.5% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1014
+40.0%
3 814
+75.0%
4 56
+20.0%
5+ 65
-16.7%

Summary: The Greater Chicago housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 75%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
660.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Greater Chicago, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in Greater Chicago in November 2024, the same as the previous month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% 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

Nov 2023Nov 2024CHANGE
46 Days48 Days+5.6%

Summary: Homes in Greater Chicago had an average of 48 days on market in Nov 2024, up by 5.6% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 6 homes were sold in Greater Chicago; 67% of homes were sold within 30 days, 17% 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 23 Days Ago

Newest Listings in Greater Chicago, IL

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