Chicago home buyers and sellers continue to wade through a challenging housing market, yet there were positive signs of resilience in March. According to the Chicago Association of REALTORS® (CAR), the median sales price in the City of Chicago was up 13.6 percent to $335,000 for detached homes and 2.6 percent to $370,000 for attached properties.
This follows four months of increases, ranging from 3.4 percent in February to 10.2 percent in January, for detached homes and eight months of increases, ranging from 0.3 percent in Sept. to 13.0 percent in December, for attached homes. In March, the Months Supply of Inventory (MSI) decreased 13.6 percent to 2.6 for detached units and 0.6 percent to 2.5 for attached units.
During the same timeframe, the number of new listings declined by 13.1 percent for detached homes and 10.3 percent for attached properties. Listings under contract decreased 14.7 percent for detached homes and 7.4 percent for attached properties.
“The Chicago housing market continues to show resilience amid fluctuating mortgage rates and economic headwinds,” said Helen Bailey, Managing Principal and a Founder of Pioneer Realty. “Buyer demand remains strong yet the market is moving through challenging times defined by higher interest rates and other economic pressures.”