How is the Chicago housing market doing?

The Chicago housing market is seeing prices increase year-over-year, even as the number of homes for sale has gone down. Homes are selling a little faster than before. The typical home in Chicago is listed for $392,500. This is a small dip of 0.5% compared to the previous month, but it's still 4.1% higher than this time last year. There are 14,609 homes currently on the market. This is 7.0% fewer homes than a year ago. Fewer new homes are also coming up for sale, with a 5.5% drop compared to last year. Homes are spending about 35 days on the market before they go under contract. This is a bit quicker, down 2.8% from last year. About 14.1% of homes have had their prices reduced, which is slightly less common than a year ago. For those looking to buy or sell, the market suggests homes are still in demand, with properties selling faster despite fewer new listings coming onto the market.