The U.S. housing market is buzzing with activity! In October 2024, the number of homes for sale inched up to 1.39 million, a 1.5% bump from last month and a significant 23% jump compared to October of last year. Even with more options for buyers, home prices are climbing. The median home price hit $404,500, up 3% from last year. The rise in home prices can be linked to solid demand and decreasing mortgage rates. When mortgage rates drop, homeownership becomes more affordable, increasing demand, which subsequently drives up prices. This dynamic helps sustain competition in the market.
The situation in Chicago presents some differences from other markets. The inventory of single-family homes has fallen, showing a 10.6% decline in available homes compared to last October. Condominiums and townhomes are also decreasing, with a 9.5% reduction in available listings. Despite these challenges, Chicago remains a dynamic market for buyers and sellers! While inventory has decreased, buyers have remained active, with contracts for detached homes up by 17.4% and contracts for attached homes rising by 14.7%. Prices have also increased, with single-family homes selling for a median price of $325,000 (up 8.3%) and attached properties reaching $367,250 (up 6.4%).
Recent trends show that the housing market in Chicago is competitive, with buyers eager to seize opportunities despite a decrease in available homes. The limited inventory has created an environment where buyers must act quickly when properties become available. For both buyers and sellers, understanding these trends is crucial for making informed decisions in today’s ever-changing real estate landscape.
**Current as of November 14, 2024. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2024 ShowingTime Plus, LLC**