Markets & Economy

The Chicago housing market isn’t quite heating up yet

OpenHouse released data finding that homes are typically selling under listing price
  • Chicago is considered a buyer's market with little demand from buyers
  • 56 percent of homes in Chicago are selling for below list price
  • The majority of homes are selling between one and three months

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Chicago in May is a toss-up: temperatures in the 50s one day and 85 degrees the next. And while other cities around the nation are seeing their housing markets heat up, Chicago is still teetering between hot and cold. OpenHouse recently released data from May 1 to May 31 finding that 2,282 homes sold in the last 30 days and 11,444 homes were active on the market as of May 31. Chicago is considered a buyer's market with fairly low demand for homes, condos and townhomes. Of those three categories, condos are leading the way with home sales. OpenHouse found that 1,290 condos sold, 918 single-family homes sold and 74 townhomes sold of the 4,444 homes listed. The median list price increased on a monthly basis by $11,000. The median list price in Chicago in May was $319,000. The April median price dipped slightly from March. Demand for homes in Chicago Taking a closer look at demand, Chicago has been a buyer's market for the past 12 months. According to Altos Research, a C...