Should I wait to buy a home in Chicago?

Deciding whether to buy a home in Chicago right now depends on what you're looking for, but there are fewer homes to choose from at slightly higher prices. Right now, the median price for a home in Chicago is $389,000. That's up a bit from last month (3.7%) and also a little higher than last year (2.4%). There are not as many homes for sale as there used to be. The number of homes on the market is down 10.7% from last year, and fewer new homes are being listed, down 13% from last year. Homes are selling a bit slower than before, staying on the market for a median of 33 days, which is 3.1% longer than last year. However, more homes are going under contract compared to the number of active listings. Thinking about these numbers, if you don't see many homes you like now, waiting a bit might give you more choices later, but prices could continue to increase.