Chicago Market Report · IL Home Values
Chicago, IL holds about 1,277,054 homes, with a median year built of 1953. Chicago is in Cook County. The median home was built in 1953. The housing mixes multi-unit buildings and single-family detached homes. Lincoln Park, Logan Square, Hyde Park, and Pilsen are among its neighborhoods. Elmhurst lies to the west.
The Chicago median sold price stands at $409,805, up 7.8% over 11 months. The twelve-month high was $430,000. 24,880 homes closed over the period, averaging 100.8% of list price most recently, with a median 52 days on market.
Read the trend, not the single month. Chicago pricing follows preparation and seasonality more than it follows rate news, and the spread between prepared and unprepared homes is wider than the median suggests. A street-level read is a different number from the one above, and the table below is where it starts.
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
Chicago by the month
12 months of Chicago closings. Each panel is one series; the table carries every figure.
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
Twelve months of Chicago closings
| Month | Median sold | Closed | New listings | Median days on market | List-to-sale |
|---|---|---|---|---|---|
| 11 months ago | $380,000 | 2,145 | 2,599 | 55 | 99.3% |
| 10 months ago | $375,000 | 1,929 | 2,293 | 56 | 99.1% |
| 9 months ago | $370,000 | 1,888 | 1,758 | 59 | 98.8% |
| 8 months ago | $360,000 | 1,588 | 1,615 | 65 | 98.6% |
| 7 months ago | $367,000 | 1,530 | 1,910 | 69 | 98.7% |
| 6 months ago | $385,000 | 1,558 | 2,559 | 62 | 99.5% |
| 5 months ago | $407,000 | 1,964 | 2,966 | 51 | 100.4% |
| 4 months ago | $420,000 | 2,350 | 3,185 | 47 | 101.2% |
| 3 months ago | $429,000 | 2,596 | 3,148 | 46 | 101.7% |
| 2 months ago | $430,000 | 2,609 | 2,943 | 48 | 101.8% |
| 1 month ago | $425,000 | 2,480 | 2,741 | 49 | 101.5% |
| Latest | $409,805 | 2,243 | 2,626 | 52 | 100.8% |
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
What the Chicago numbers say
The median Chicago home sold for $409,805, up 7.8% from $380,000 eleven months earlier. The twelve-month high was $430,000.
The median home spent about seven weeks on the market and homes closed at 100.8% of list price. That is 3 days faster than eleven months earlier.
At the pace of the last three months, the 6,616 homes on the market in Chicago represent about 2.7 months of supply: less than four months, which is the range where prepared homes tend to clear quickly and buyers have little room to wait.
Buyers have room to read a listing's history before writing, and a price that has sat is a price worth asking about. Sellers are getting close to their asking price, which usually means the price was set against recent comparable sales rather than against what neighbors are asking.
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.