Is it cheaper to rent or buy in Chicago?

It is not possible to answer whether it is cheaper to rent or buy with the data provided, as no rental data was included. However, I can explain the current buying conditions in Chicago. The median listing price for homes in Chicago is $389,000. This is up 3.7% from last month and 2.4% from last year, meaning homes are getting more expensive. There are 12,574 active listings, which is 10.7% fewer homes for sale than last year. New listings are also down by 13.0%, with 9,700 new homes hitting the market. This means there are fewer choices for buyers. Homes are selling a bit slower than last year, with the median days on market at 33 days, up 3.1%. However, the pending ratio of 1.11 means that more homes are going under contract than are currently on the market, indicating strong buyer interest despite fewer new listings. For someone looking to buy, it's important to know that home prices are increasing and there are fewer homes on the market compared to last year. You might have to act quickly when you find a home you like.