CHICAGO HOME SALES DATA: 4 KEY TAKEAWAYS
HOME PRICE GROWTH SLOWING
The median price of homes sold in the city in September was $360,000, the lowest price growth figure for the city since October 2023. At this time a year ago, city home prices were up 6.9%, about twice.
In the metro area, the median price of homes sold in September was also $360,000, an increase of 2.9% since last September. Price growth has not been lower for the metro area since May 2023. At this time a year ago, the metro area’s median price was up 7.7%, well more than twice the latest figure.
CHICAGO HOME SALES DATA: 4 KEY TAKEAWAYSHOME PRICE GROWTH SLOWINGThe median price of homes sold in the city in September was $360,000, the lowest price growth figure for the city since October 2023. At this time a year ago, city home prices were up 6.9%, about twice. In the metro area, the median price of homes sold in September was also $360,000, an increase of 2.9% since last September. Price growth has not been lower for the metro area since May 2023. At this time a year ago, the metro area’s median price was up 7.7%, well more than twice the latest figure. GAP BETWEEN CHICAGO AND NATION’S HOME GROWTH NARROWSNationwide, the median price of existing homes sold in September was $415,200, an increase of 2.1% from the same time in 2024. Chicago’s 3.6% and the metro’s 2.9% show prices rose faster here than nationwide in September. But in August the gap was much larger, with prices up over 5% in both Northern Illinois sectors compared with 2% nationwide. CHICAGO LONG TERM GROWTH LOWEST IN NATIONDespite the recent price growth, Chicago is the major U.S. metro where home prices have risen the least in the past quarter-century. Since 2000, Chicago-area home prices have risen 5%. That makes us the only city in single digits! SLOW YEAR FOR HOME SALESA low supply of homes for sale, interest rates that have stayed high and some trepidation about the near-term future of the U.S. economy have all contributed to keeping a lid on the number of homes sold this year. By the end of September, metro-area home sales were up slightly year-to-date from 2024. In the metro area, 68,448 homes sold in the first nine months of the year, up 1.1% from the same period a year ago. City sales were flat, with 17,252 homes sold in the first nine months of the year. That tally is a mere five sales above the total for the same period in 2024, registering as 0% change. At year-end, 2024 delivered the smallest Chicago-area home sales total of any year since 2011. The current year is on track to finish close to the same level. |