Should I wait to buy a home in Chicago?

Whether you should wait to buy a home depends on your personal situation, but current data shows prices are up over the past year. The median listing price in your area is $389,450 right now. Over the past year, the median listing price has increased by 4.6%. While it dipped slightly by 1.4% from the prior month, the overall trend has been upward. There are fewer homes available for sale compared to last year. Active listings are down 5.3%, and the number of new homes coming on the market has also dropped by 7.8% over the past year. This means you might have fewer options to choose from. Homes are selling a bit faster than last year, spending 36 days on the market, which is 4% less time. Also, the share of homes with price reductions is about the same as last year, at 16.3%. If you’re considering buying, these trends suggest that waiting might mean facing similar or higher prices with fewer choices, so it’s worth weighing your options carefully now.