What’s Happening: Chicago Single-Family Housing Market Highlights
- Average Home Sold Price: $355,000
- Homes for Sale: 5,307
- Closed Sales: 2,105
- Under Contract: 1,780
- Average Days on the Market: 54 days
- Listing to Contract: 27 days
- Price per SqFt: $265
Data provided by InfoSparks August 2024 Chicago: Single Family property classes
State of the Market in Chicago September 2024
The Chicago real estate market firmly retains its status as a seller’s market throughout 2024. Over the past year, the city’s housing market has been characterized by high demand and limited supply of single family properties, giving sellers an unmistakable advantage. As we move closer to 2025, this trend shows no signs of slowing down.
Average home prices in Chicago have consistently increased throughout 2024 compared to last year, reflecting the competitive market. Homes are spending an average of just 54 days on the market, highlighting the urgency buyers face when making offers. With inventory levels remaining low, sellers continue to enjoy favorable conditions, often receiving multiple offers and achieving sales prices above asking.
For those considering selling, now is an ideal time to strike while the iron is hot and capitalize on the current market’s momentum. Meanwhile, buyers must be well-prepared to navigate this competitive environment, as opportunities move quickly. Pearson Realty Group highly recommends getting pre-approved before beginning your home search.
Knowledge is power in this market and having the right information can make all the difference in achieving your real estate goals. If you’re considering buying or selling, Pearson Realty Group is here to help through the process with ease. Contact us today for a personalized consultation and expert guidance from one of our 100+ experienced Chicagoland agents who are ready to assist you in navigating the buying process or selling your home for top dollar.
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