Tracey Velt's Market Report
Chicago, IL
Single-Family Homes
HW Wire | Editorial Director | tracey@hwmedia.com | 407-716-0498
Chicago, IL
Fri Nov 22 2024
This week the median list price for Chicago, IL is $314,900 with the market action index hovering around 36. This is less than last month's market action index of 37. Inventory has decreased to 1,914.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $314,900 | |
| Median Price of New Listings | $280,000 | |
| Per Square Foot | $197 | |
| Average Days on Market | 106 | |
| Median Days on Market | 63 | |
| Price Decreased | 47% | |
| Price Increased | 3% | |
| Relisted | 28% | |
| Inventory | 1,914 | |
| Median Rent | ||
| Market Action | 36 | |
| Slight Seller's Advantage | ||
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $899,000 | 3,440 | 0 - 4,500 sqft | 5 | 3.5 | 95 | 27 | 42 | 87 |
| $379,000 | 1,726 | 0 - 4,500 sqft | 4 | 2 | 95 | 59 | 47 | 49 |
| $269,000 | 1,445 | 0 - 4,500 sqft | 4 | 2 | 97 | 55 | 65 | 63 |
| $150,000 | 1,200 | 0 - 4,500 sqft | 3 | 1.5 | 104 | 76 | 63 | 56 |