How long do homes take to sell in Chicago?

Homes in Chicago are selling in about 35 days right now. This is a bit faster than last year. Buyers are making decisions more quickly than they used to. It takes just over a month for a home to find a buyer and go under contract. This is 2.8% faster than it was over the past year, meaning homes are moving off the market a little more quickly. Even with homes selling faster, there are fewer new homes coming onto the market. New listings are down 5.5% compared to last year. The total number of active listings is also 7.0% lower than a year ago, meaning there are fewer options overall for buyers. While homes are selling faster and there are fewer listings, a small portion of sellers are still having to drop their prices. About 14.1% of homes have had a price reduction. This suggests that some homes might be priced too high initially, even in a quicker market. If you are looking to buy, be ready to act quickly when you find a home you like. If you are selling, pricing your home well from the start is important, as about 14.1% of sellers are reducing their asking price.