Are sellers cutting prices in Chicago?

The share of homes with price reductions in Chicago is 14.1%. This means about 14 out of every 100 homes for sale have had their prices lowered. This is a slight drop from last year. Even with some price cuts, the median listing price in Chicago is still up 4.1% over the past year, now sitting at $392,500. While the typical home price is higher, sellers are adjusting their expectations on some properties. Fewer homes are coming onto the market, with new listings down 5.5% compared to last year. At the same time, the total number of homes for sale is also down by 7.0% year-over-year. This creates a tighter market with less choice for buyers overall. Homes are selling a little faster now, staying on the market for 35 days. This is almost 3% quicker than the same time last year, suggesting that many homes are finding buyers relatively quickly, even if some require a price reduction. If you're selling, pricing your home correctly from the start is important, as about 14% of sellers are finding they need to drop their price. But with fewer homes available and properties selling faster, well-priced homes are likely to attract attention quickly.