The Chicago real estate market is slowing down as home buyers balk at pricey properties. Single-family home values increased just 1.8% in April 2019 in the Greater Chicago area, according to the S&P CoreLogic Case-Shiller price index. Narrowing it down to the City of Chicago, the Chicago Association of Realtors® reports a median home price increase of just 0.8% April 2019, with median home prices reaching $310,000.
Meanwhile, homes are spending a bit more time on the market than they were a year ago. Chicago home listings averaged 84 days on market during April 2019, lengthening from 81 days in April 2018. Some of this can be attributed to the increase in home inventory. New listings were up by 7.5% in April 2019.
Despite home inventory going up, sales volume is trending lower. City of Chicago home sales decreased 5.4% in April. With the combination of rising inventory and slowing sales volume, overall home inventory has risen to 4 months of supply. This is not yet a “buyer’s market,” but it’s pointing towards a more balanced market than we’ve had in recent years.
For Chicago home buyers, this is all good news! While there is still competition for lower priced homes, especially in popular neighborhoods, the overall pressure is easing. You have more time to make decisions, and you’re less likely to find yourself in a bidding war.
Please remember that the real estate market is always changing. Every Chicagoland market has its own sales dynamics. Before you begin your home search, contact Starting Point Realty for your personal real estate consultation!
StartingPoint Realty – serving first-time home buyers since 2004!
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Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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