Is Chicago a buyer's market right now?

Chicago is a competitive market right now. Homes are selling quickly, and there aren't as many new houses for sale as there used to be. This means that even though prices are still going up slowly, buyers need to act fast when they see something they like. There are fewer homes on the market compared to a year ago, with active listings down by 10.7% and new listings down by 13.0%. Houses are staying on the market for about 33 days. This is a little longer than last year, but homes are still selling in just over a month. Also, fewer sellers are dropping their prices. Only 11.1% of homes had price reductions, which tells us sellers generally feel good about their initial asking price. Right now, there are more homes under contract to be sold (14,016 pending listings) than there are active listings (12,574 active listings). This means that for every ten homes currently for sale, eleven are already in the process of being purchased. This shows strong buyer interest. If you're looking to buy a home in Chicago, be prepared to make decisions quickly and understand that you might face competition from other buyers.