What is the cost of living in Chicago?

The median listing price for a home in the Chicago area is currently $389,000. This is 2.4% higher than it was a year ago, but it has gone up 3.7% in just the last month. There are fewer homes for sale right now. The number of active listings is down 10.7% from last year, and the number of new homes coming on the market has dropped 13.0%. This means there isn't as much to choose from. Homes in Chicago are selling a little slower than before, with the median days on market at 33 days, which is 3.1% longer than last year. However, fewer sellers are dropping their prices compared to last year. Only 11.1% of listings had a price reduction, a slight drop of 0.4% year-over-year. Even though homes are on the market a little longer, there are more homes going under contract. The pending ratio is 1.11, which means for every home for sale, there's more than one home waiting to be bought. This is a big jump of 9.7% from last year. If you're looking to buy in Chicago, expect to pay around $220 per square foot, which is a little more than last year. It's a competitive market with increasing prices, especially in the last month, and not many homes to choose from.