Are home prices going up or down in Chicago?

Right now, the median listing price for homes in Chicago saw a small dip compared to the month before, but it's still higher than it was at this time last year. The median listing price in Chicago is $389,450. This is 1.4% less than the previous month, showing a slight recent decrease. However, looking at the bigger picture, this price is still 4.6% higher than it was a year ago. Homes are selling a bit quicker than they used to, with the median time on the market now at 36 days. This is 4.0% faster than last year, suggesting continued interest from buyers. There are fewer homes available for sale now compared to a year ago. Active listings are down 5.3%, and the number of new homes coming on the market has also dropped by 7.8%. This means buyers have fewer options to choose from. Despite fewer choices, a smaller percentage of homes are having their prices reduced. The price-reduced share is 16.3%, which is slightly lower than last year, indicating that many sellers are holding firm on their initial asking prices. For someone looking to buy, it means there are fewer homes to pick from, and while prices saw a small monthly dip, they are still up significantly compared to last year. If you're selling, homes are moving faster, but new listings are down, which could mean less competition from other sellers.