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 right now. Homes are selling quickly, and there aren't a lot of reductions. The typical home is listed for $394,500. This is up a little bit (1.4%) since the prior month and up more (3.8%) over the past year. This shows prices are steadily climbing. There are fewer homes for sale now than there were a year ago. Active listings are down 7.8%, and new listings are down 11.8%. This means you have fewer choices when looking for a home. Houses are also selling quickly. The typical home stays on the market for 33 days, which is a little faster than last year. Only 12.7% of homes have had their prices reduced, suggesting that most sellers are getting their asking price or very close to it. Be prepared to act fast and make a strong offer, as the market suggests homes are in demand and sellers are not often lowering prices.