Is Chicago a buyer's market right now?

Really, no market is perfectly one-sided. Instead of a "buyer's market," it's helpful to look at what the numbers tell us about opportunities for home shoppers right now. The latest data shows a somewhat balanced market with some signs of competition. Prices are up from a year ago, but there are also fewer homes to choose from. This means competition for available homes can still be present.The median listing price in the Chicago area is $389,450. This price is 4.6% higher than it was a year ago, which means homes are generally costing more than last year. However, the median price did dip a little bit (1.4%) from the prior month. There are 15,929 active listings, but that number is 5.3% lower than a year ago. This means there are fewer homes on the market now compared to last year. Fewer choices can make it harder for buyers. Homes are also selling slightly faster than they were last year, with a median of 36 days on the market, which is 4.0% less time. This indicates that homes are not sitting for very long. About 16.3% of homes have had a price reduction, which is similar to last year. This suggests that some sellers are adjusting their prices, but not significantly more often than before. The pending ratio is 0.69, down 2.5% from a year ago. This means fewer homes are going under contract compared to the total number of active listings than they were at this time last year. If you are looking to buy, it