Market times are down from last year with most of the neighborhoods covered between 60-70 days on market, although Old Town is under 60 days and the West Loop condos are selling in 35 days – 49 days for West Town condos.
The number of available homes to buy in Chicago is down 17.6% since this time last year. A balanced market has 6 months of inventory, and our housing supply is 3-5 months in Lincoln Park and Gold Coast respectively, and less than 2 months in all other areas. When homes are priced at the market, they are selling in multiple offers.
Sellers are experiencing moderate median sale price gains. As the economy has been recovering, homeowners have stayed in their homes longer than the average 5 to 7 years typically for financial reasons. We’ll likely see a turn around as more of these homes come to market in the next 12-18 months, satisfying the demand for housing.