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

It can still be a good time to sell your home in Chicago, as prices are up from last year. However, fewer homes are going under contract compared to the number of homes for sale. This means homes are sitting on the market a little longer and prices have dipped slightly over the last month. The median listing price right now is $389,450. This is 4.6% higher than it was last year, which is good news for sellers. But the median listing price actually dropped 1.4% from the previous month. There are 15,929 homes for sale, which is 5.3% fewer than last year. At the same time, fewer new homes are coming on the market, down 7.8% over the past year. This reduced supply can help support prices. Homes are staying on the market for a median of 36 days. This is a bit quicker, down 4.0% from last year, suggesting homes are finding buyers relatively fast. However, the number of pending listings compared to active listings, known as the pending ratio, is 0.69, which is 2.5% lower than last year. This suggests that fewer homes are successfully going under contract. If you are selling, pricing your home strategically is important. While prices are up year-over-year, the slight monthly dip and lower pending ratio suggest that the market isn't as hot as it once was, so an attractive price is key.