The Dobbs Report – Chicago Real Estate Market Overview
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The Chicago real estate market continued to cool from July into August, with nearly every key indicator trending downward. Inventory declined from 2,335 homes in July to 2,244 in August, while new listings fell even more sharply, from 1,926 to 1,584. Fewer homes on the market have tightened choices for buyers, yet overall demand has softened, leading to a dip in pricing. The average listing price dropped from $672,180 to $637,467, while the average closed price edged down from $622,045 to $617,641. Closed sales slid from 1,303 to 1,151, and under-contract properties declined from 1,130 to 992. Even with these shifts, sellers are still achieving nearly full asking, with list-to-close ratios holding above 99%, suggesting that well-positioned homes continue to command strong interest.
Market time improved slightly, dropping from 47 days in July to 42 in August, signaling that buyers remain decisive when a property is priced correctly and presented well. In neighborhoods like Lincoln Park, Lake View, Logan Square, Edgewater, and Ukrainian Village, supply continues to hover near historic lows – between 1.2 and 1.7 months of inventory – keeping conditions far from balanced. This limited supply is cushioning against deeper price corrections, even as buyer leverage quietly increases. Sellers need to be more strategic with pricing and presentation to secure top offers, while buyers benefit from a touch more negotiating room than earlier in the year, though competition for desirable homes remains strong.
Chicago Homes – Dynamic Market Overview
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 2,613 | $482,336 | -17.0% | 203 | $199 |
| 2,613 | $482,336 | -17.0% | 203 | $199 |
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 12,533 | $543,122 | -4.8% | 84 | $328 |
| 12,533 | $543,122 | -4.8% | 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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