The Dobbs Report – Chicago Real Estate Market Overview
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The North Chicago real estate market showed clear signs of slowing momentum in July. The number of homes under contract dropped significantly from 1,295 to 1,130, and closed sales fell from 1,533 to 1,303 — a notable reversal from the previous month’s uptick. Market time increased from 41 to 47 days, indicating a slowdown in buyer activity. Most strikingly, the average closed price fell by over $30,000, from $652,661 to $622,045, while the original list-to-closed price ratio dipped below 100% for the first time in months, signaling that buyers are negotiating more and sellers are adjusting expectations.
Inventory remains critically low across most North Chicago neighborhoods, with most areas sitting at or below 1.5 months of supply. This metric reflects how long it would take to sell all active listings at the current pace of sales—meaning the entire market could be absorbed in just six weeks if no new listings came on. A balanced market typically has around 5 to 6 months of supply, so these levels indicate a strong seller’s market. Despite signs of softening demand, the lack of available homes continues to create competition among buyers and prevents any meaningful downward pressure on prices.
Chicago Homes – Dynamic Market Overview
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 2,420 | $480,493 | 3.0% | 207 | $199 |
| 2,420 | $480,493 | 3.0% | 207 | $199 |
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 11,415 | $543,531 | -4.9% | 84 | $328 |
| 11,415 | $543,531 | -4.9% | 84 | $328 |
Dynamic searches of market trends will give you an overview of the real estate market's current state. Set your preferred parameters to find statistical data from recent real estate transactions in Chicago. For an in-depth analysis of a specific market segment, please contact me. I'll be happy to create a tailor-made analysis that perfectly suits your specific criteria.
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