• The city saw a near-14 percent increase in sales, the largest increase since January.
  • At the end of August, there were approximately 12,400 homes for sale in Chicago, comapred to nearly 14,000 on the market last summer.
  • Brighton Park was the fastest-selling market, with the typical home going under contract in 28 days.

chicago housing cost

By ; reposted with permission from Redfin


Chicago home prices increased almost 2 percent in August as compared to last year, with a typical home selling for $270,000.

The city saw a near-14 percent increase in sales, the largest increase since January.

“August was the last big month of the year for home sales,” said Redfin real estate agent Niko Voutsinas. “A lot of serious spring market buyers moved aggressively to secure properties after failing to move quickly enough on other opportunities, or losing out on multiple offer situations one or more times earlier in the year.”

chicago housing sales

Serious buyers needed to be aggressive because, like much of the nation, Chicago continues to be plagued by a lack of selection. The number of homes available for purchase dropped nearly 9 percent in August, the twelfth consecutive month of year-over-year declines. At the end of August, there were approximately 12,400 homes for sale in Chicago, fewer than the nearly 14,000 on the market during the height of last summer.

New listings in August ticked up half a percent compared to last year, while the median days on market declined slightly, to 62. Chicago homes sold for an average of 98.4 percent of the list price, with nearly one in four selling for over asking.

Hot Neighborhoods

Among neighborhoods with at least 100 sales in the past three months, Austin showed the highest price increases, with the median sale price rising 23.3 percent, to $130,000. Jefferson Park saw prices rise 19.7 percent, to a median sale price of $311,250. Logan Square, Andersonville and Ravenswood rounded out the top five, with all three seeing price increases between 10 and 15 percent.

Brighton Park was the fastest-selling market, with the typical home going under contract in 28 days. Next fastest were Ukrainian Village and the West Loop, which saw market times of 37 and 41 days, respectively. More than half of buyers paid over list price in Humboldt Park, the only neighborhood in Chicago with that distinction, though eight neighborhoods had an average sale-to-list price ratio over 100 percent.

North Center, with its highly rated schools, was the most expensive market in August, with a typical home selling for $611,000. Wicker Park was the next most expensive, with a typical home selling for $544,500. The Gold Coast, Bucktown, Lincoln Park and Roscoe Village all had median sale prices just north of $500,000.

See our city page for the most up-to-date data on Chicago home prices.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×