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 tetering between hot and cold.
- 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
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 California-based real estate analytics company, the demand for homes has been up and down slightly but consistently below the threshold of a neutral or seller’s market.
As of May 27, Altos measured Chicago at 26.86 for its Market Action Index (MAI). The neutral mark for an area is considered 30, and anything above that mark is a market leaning in favor of home sellers. The MAI reached its highest point in the year last August and has since been bouncing around.
OpenHouse reported that 56 percent of Chicago homes are selling below listing price, 26 percent sold for exactly list price and 18 percent sold above the list price.
Home sales in Chicago
In the last 30 days, 82 homes sold in less than one month in Chicago. The bulk of home sales was within a one- to three-month timeframe. About 1,500 homes sold this fast. While one property sold in just one day, 691 homes in Chicago sold in more than three months.
In the month of May, the median days on market was 71 days, which was exactly the same as the month prior. Altos reported a 90-day average of homes being on the market for 132 days. The seven-day average was slightly lower at about 120.