Is Chicago a seller's market right now?

The latest data for Chicago shows a market that favors sellers. Homes are selling relatively quickly, and fewer new listings are coming onto the market compared to last year. This creates more competition among buyers. The number of homes for sale is down by 7% over the past year. This means there are fewer choices for buyers right now, which can give sellers an advantage. While the typical listing price is up 4.1% compared to last year, the average listing price has jumped by a much larger 68% year-over-year. This big increase suggests there are more high-priced homes on the market or that prices for luxury homes have risen sharply. Homes are also spending less time on the market. The median days on market is 35, which is a slight decrease from last year. This quick turnover means buyers need to act fast. For sellers in Chicago, this means it's a good time to list your home. With fewer homes available and properties selling faster, you have a stronger position in negotiations.