Market Snapshot - City of Chicago
The City of Chicago Market Snapshot represents the residential real estate activity in the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors.
- In November 2019, there were 1,660 residential properties sold in Chicago. This was a 10.3% decrease from November 2018.
- The median sales price of all these properties sold was $270,000, an increase of 3.1% of the same time the previous year
- Average days on the market from listing to contract was 80 days, the same as in November 2018
State of the Market
- In November, the Federal Reserve Bank reduced its benchmark rates for the third time in 2019. This action came as no surprise. Mortgage rates stayed steady and were down about 1% compared to November 2018. Residential new construction continued to raise nationally.
- While many economic signs still indicate a strong market, total household debt has been rising for more than five consecutive years and in November was $1.3 trillion higher than at its previous peak of $12.68 trillion in 2008. Delinquency rates remain low across mortgage lending, but higher consumer debt levels could limit future household spending and increase the risk of a slowing economy.
- The inventory of housing units in the city of Chicago was down 6.6%, from 9,091 homes in November 2018 to 8,487 homes in November 2019
Here are the November 2019 stats by neighborhood:
Posted by Andreas Holder on