"In December, Chicago's real estate market showcased a striking decline in inventory, setting the stage for sellers to shine. The active listing count fell to 3,403, marking a 17.0% decrease from the previous year. This was in stark contrast to the national trend, where active listings increased by 12.1%. The city also experienced a notable reduction in newly listed homes, down 12.7% year-over-year, compared to a 1.8% decline nationally."
"The median listing price in Chicago was $342,950 in December, reflecting a slight decrease of 0.6% from the previous year. This was slightly better than the national median listing price decline, underscoring a resilient market. Despite the inventory reduction, the modest price decrease indicated a balanced market where sellers could still find eager buyers. The share of homes with price reductions was 8.1%, slightly up from last year, but remained notably lower than the national price reduction share of 12.9%,"
"Homes in Chicago spent a median of just 57 days on the market in December, a slight year-over-year decrease of 1.7%. This was significantly shorter than the national median of 73 days, where the days on market increased by 5.0%. The relatively brief time on market in Chicago highlighted a steady demand that favored sellers, even amidst fewer new listings."
Chicago experienced a sharp inventory decline in December, with active listings falling to 3,403, a 17.0% year-over-year decrease. Newly listed homes dropped 12.7% year-over-year while nationally active listings rose 12.1% and new listings fell only 1.8%. The median listing price remained relatively stable at $342,950, down 0.6% year-over-year, and price-reduction share stayed low at 8.1% versus 12.9% nationally. Homes spent a median 57 days on market, down 1.7% year-over-year and substantially shorter than the national median of 73 days. Reduced inventory, quick turnarounds, and steady prices favored sellers.
Read at SFGATE
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