How is the Chicago housing market doing?

The Chicago housing market is seeing higher prices and fewer homes for sale. The median listing price is up, but there are also fewer new homes coming onto the market. The typical home in Chicago is listed for $389,000. This is 3.7% higher than last month and 2.4% more than a year ago. So, prices are steadily climbing. There are fewer homes available right now compared to last year. We are seeing 10.7% fewer active listings and 13.0% fewer new listings. This means you have fewer choices when looking to buy. Homes in Chicago are staying on the market a little longer, though not by much. The median time a home sits there is 33 days, which is just slightly longer than last year. Demand for homes is still strong. For every 10 homes available, about 11 are going under contract. This strong pending ratio shows that buyers are still actively looking and making offers. If you're thinking of buying, be ready for fewer options and slightly higher prices. If you're selling, it's a good time to get a decent price, but don't expect a super-fast sale.