A Research Tool Reflecting Residential Real Estate Activity within the 77 Officially Defined Chicago Community Areas
The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings in the City of Chicago were up 18.3 percent for detached homes but were down 22.2 percent for attached properties. Listings Under Contract increased 23.6 percent for detached homes and 20.4 percent for attached properties.
The Median Sales Price was up 14.1 percent to $311,000 for detached homes and 6.2 percent to $345,000 for attached properties. Months Supply of Inventory decreased 11.6 percent for detached units and 52.7 percent for attached units.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
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