Is Chicago a buyer's market right now?

Chicago is seeing a pretty active market right now, which generally favors sellers. Homes are selling fairly quickly, and prices have gone up over the past year.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 a year ago. So, while there's a slight recent change, the overall trend is toward higher prices.There are 14,609 homes for sale, which is 7.0% fewer than there were last year. Also, 5.5% fewer new homes came on the market recently compared to a year ago. Fewer homes available means more competition among buyers.Homes are selling in about 35 days. This is a bit faster than last year, showing that buyers are making decisions more quickly.The number of homes that have dropped their prices is 14.1%, which is actually a little less common than it was a year ago. This suggests that sellers are generally getting offers close to their asking price.For buyers, this means you'll want to be prepared to act fast and be competitive with your offers, as inventory is lower and homes are selling quicker than last year.