Are home prices going up or down in Chicago?

Home prices in Chicago are going up. The median price for a home right now is $392,500, which is 4.1% higher than it was this time last year. This increase is happening even with a slight dip in prices from the previous month. The average price for a home has also seen a big jump, up 68.0% compared to last year, reaching $925,733. This suggests that more expensive homes are on the market or selling. There are fewer homes for sale compared to last year, with active listings down 7.0%. Also, fewer new homes are coming onto the market, down 5.5% from last year. This shortage of available homes can often push prices up. Homes are selling a bit faster than before, staying on the market for a median of 35 days, which is slightly less than last year. The number of homes with price reductions has also gone down, meaning fewer sellers are needing to cut their prices. For buyers, it's important to know that prices are rising and there aren't as many homes to choose from. For sellers, this could be a good time to list your home, as demand appears to be strong.