#chicago-housing-market

#chicago-housing-market

In December, Chicago's real estate market showcased a striking decline in inventory, setting the stage for sellers to shine. The active listing count fell to 3,403, marking a 17.0% decrease from the previous year. This was in stark contrast to the national trend, where active listings increased by 12.1%. The city also experienced a notable reduction in newly listed homes, down 12.7% year-over-year, compared to a 1.8% decline nationally.

Chicago buyers face tighter supply and higher prices than buyers across Illinois. HW Data shows a metro median list price of $319,900 with about 11,000 active listings this week. The Market Action Index reads 40.2, signaling strong seller conditions. New supply totaled 1,183 listings while 1,511 homes moved under contract, keeping inventory from building. The metro's median list price sits above the statewide figure, and available homes are concentrated in fewer neighborhoods.