Should I buy new construction or resale in Chicago?

There isn't enough data here to say if new construction or resale is better for you. However, we can look at the Chicago housing market as a whole to help you decide. Prices are going up, but homes are still selling quickly. This means it’s a fairly competitive market. The typical home in Chicago is listed at $389,000. This price went up by 3.7% in the last month and 2.4% over the last year. This shows a steady increase in home values. Homes are spending 33 days on the market before going under contract. This is a bit longer than last year, but homes are still moving fairly quickly. About one in ten listings, 11.1%, has dropped its price, which is similar to last year. There are 12,574 homes for sale right now. This is 10.7% fewer homes than a year ago. Also, 13% fewer homes hit the market in the last year, with 9,700 new listings. With fewer homes for sale and prices going up, act quickly when you see a home you like. You might need to move fast to get the house you want.