RealTrends Market Report

Chicago, IL

Single-Family Homes

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Chicago, IL

Sun Dec 03 2023
This week the median list price for Chicago, IL is $319,900 with the market action index hovering around 35. This is less than last month's market action index of 36. Inventory has decreased to 2,007. Click here to stay informed with the Chicago market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

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.

Chicago, IL

Sun Dec 03 2023
This week the median list price for Chicago, IL is $319,900 with the market action index hovering around 35. This is less than last month's market action index of 36. Inventory has decreased to 2,007. Click here to stay informed with the Chicago market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

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

Never miss important changes in the Chicago market.
Median List Price $319,900
Median Price of New Listings $289,900
Per Square Foot $198
Average Days on Market 108
Median Days on Market 70
Price Decreased 48%
Price Increased 2%
Relisted 28%
Inventory 2,007
Median Rent
Market Action 35
Slight Seller's Advantage

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

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
$974,900 3,245 0 - 4,500 sqft 4 3.5 80 24 42 77
$394,750 1,800 0 - 4,500 sqft 3 2.5 95 35 49 56
$264,950 1,452 0 - 4,500 sqft 3 2 80 41 51 70
$145,000 1,200 0 - 4,500 sqft 3 1.5 104 37 54 70