Is Chicago a seller's market right now?

Really, it depends on the specific neighborhood and price point, but the Chicago area shows signs of a relatively balanced market right now. Home prices are still growing compared to last year, but there are fewer homes going under contract. Both buyers and sellers have points in their favor.Prices for homes in Chicago are a bit higher than a year ago. The median listing price has increased by 4.6% over the past year, now sitting at $389,450. The average listing price also saw a 2.6% rise over the same period.There are fewer homes for sale compared to last year, which usually benefits sellers. Active listings are down by 5.3% year-over-year, and new homes coming onto the market have dropped by 7.8% over the past year.However, homes are taking about the same amount of time to sell. The median time a home spends on the market is 36 days, which is slightly less than a year ago. This suggests homes aren't flying off the market extremely quickly.Also, fewer homes are going under contract compared to the number of homes available. The pending ratio is 0.69, which is a 2.5% decrease from a year ago. This indicates slightly less immediate buyer demand relative to supply.If you are looking to sell, understand that while prices are up, buyers have a little more time to make decisions, and not every home is selling super fast. If you are looking to buy, you might find a bit more room to negotiate than in a very competitive market.