What sellers should know as Chicago home prices climb

"Chicago buyers face tighter supply and higher prices than buyers across Illinois. HW Data shows a metro median list price of $319,900 with about 11,000 active listings this week. The Market Action Index reads 40.2, signaling strong seller conditions. New supply totaled 1,183 listings while 1,511 homes moved under contract, keeping inventory from building. The metro's median list price sits above the statewide figure, and available homes are concentrated in fewer neighborhoods."

"With the index near 40, well-prepared listings continue to draw attention while buyers compare a narrower set of options than in the broader state market. The Market Action Index measures the balance between supply and demand. Higher values indicate stronger conditions for sellers. Homes in Chicago average 101 days on market, but the median is 56 showing that a pocket of older, unsold properties is pulling the average higher."

"About 26% of homes were relisted, a sign of sellers refreshing listings to meet current demand. Updating photos, aligning prices with neighborhood ranges, and addressing common inspection items can help reduce time on market. About 35% of active listings recorded a price reduction during the week. Listing adjustments continue to help sellers reach buyers, especially where similar homes compete The median price of new listings is $324,950, slightly above the metro's overall median of $319,900."

Chicago's metro median list price is $319,900 with roughly 11,000 active listings and a Market Action Index of 40.2, signaling strong seller conditions. New supply totaled 1,183 listings while 1,511 homes moved under contract, which prevented inventory growth. Available homes are concentrated in fewer neighborhoods, narrowing buyer options. Homes average 101 days on market but the median is 56, indicating older unsold properties skew the average. About 26% of homes were relisted and about 35% recorded price reductions during the week. The median price of new listings is $324,950. Median rent holds near $2,300, comparable to a mortgage payment on a $320,000 home.

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