Is now a good time to sell my home in Chicago?

Right now in Chicago, home prices are up compared to last year, which is good news if you're thinking of selling. However, there are fewer homes for sale and fewer new listings coming onto the market, which could make things competitive for buyers. The median price for homes currently listed is $392,500. This is a 4.1% increase from last year, meaning homes are generally valued higher now. On the flip side, this price dipped slightly by 0.5% in the most recent month. There are 14,609 homes actively listed for sale, which is 7.0% fewer than last year. New listings have also dropped by 5.5% over the past year, with 10,056 new homes coming on the market. This suggests there isn't a flood of new inventory competing with your home. Homes are selling a little faster, spending a median of 35 days on the market, which is 2.8% less time than last year. Also, fewer sellers are dropping their prices, with the share of price reductions down by 1.4% from last year to 14.1%. Considering the higher prices and homes selling more quickly, it looks like a favorable time to sell your home. Buyers are out there, and they're facing less choice, which can work to your advantage.