How much should I offer on a home in Chicago?

You should expect to offer close to the asking price for a home in Chicago. With many buyers competing for fewer homes, sellers are not often dropping their prices significantly. The median listing price in Chicago is \$389,000. This is up 3.7% from last month and 2.4% from last year, showing a steady increase in home values. There are over 14,000 homes with pending sales, which is more than the roughly 12,500 homes currently available. This high demand means homes are selling quickly. Homes in Chicago are staying on the market for a median of 33 days. This is only slightly longer than last year, and it still indicates a relatively fast-moving market. Only about 11% of homes have reduced their prices. This means most sellers are getting offers near their original asking price, and fewer homes are seeing price cuts. You should prepare to make a strong offer if you find a home you like.