09/30/2024
Real Estate Monday some good reading about our market area
August 2024 Quick Facts
Detached Single-Family Overview 2
Attached Single-Family Overview 3
New Listings 4
Closed Sales 5
Under Contract (contingent and pending) 6
Median Sales Price 7
Average Sales Price 8
Average List Price 9
Percent of Original List Price Received 10
Housing Affordability Index 11
Market Time 12
Months Supply of Inventory 13
Inventory of Homes for Sale 14
All Properties Market Overview 15
Monthly Indicators
A RESEARCH TOOL REFLECTING RESIDENTIAL REAL ESTATE ACTIVITY WITHIN
THE 77 OFFICIALLY DEFINED CHICAGO COMMUNITY AREAS PROVIDED BY THE
CHICAGO ASSOCIATION OF REALTORS®
Current as of September 14, 2024. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2024 ShowingTime Plus, LLC.-6.1%-10.7% +7.3%
1-Year Change in
Closed Sales
All Properties
1-Year Change in
Homes for Sale
All Properties
1-Year Change in
Median Sales Price
All Properties
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage
rates and rising supply helped boost market activity. According to the National
Association of REALTORS® (NAR), sales of previously owned homes rose 1.3%
month-over-month to a seasonally adjusted annual rate of 3.95 million units,
exceeding economists’ expectations and ending the downward trend of recent
months.
New Listings in the City of Chicago were down 7.8 percent for detached homes and
12.4 percent for attached properties. Listings Under Contract decreased 0.4 percent
for detached homes and 11.6 percent for attached properties.
The Median Sales Price was up 7.9 percent to $340,000 for detached homes and 5.1
percent to $366,750 for attached properties. Months Supply of Inventory decreased
10.8 percent for detached units and 5.7 percent for attached units.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33
million units heading into August, for a 4.0-month supply at the current sales pace,
NAR data shows. Although inventory is up nearly 20% compared to the same time
last year, demand continues to outpace supply, putting upward pressure on sales
prices. According to NAR, the nationwide median existing-home price rose 4.2%
year-over-year to $422,600 at last measure, marking the 13th consecutive month of
annual price increase