Chicago home prices rose 6.1 percent in May, inventory was at its highest level in more than two years and sales rose nearly 11 percent from the same time last year.
After a run of double-digit price growth, appreciation slowed as more homeowners put their houses, condominiums and co-ops on the market. The stock of homes for sale grew more than 18 percent from a year ago, the biggest bump in at least three years.
That gives buyers more leverage, but prices continue to rise and desirable homes are moving quickly, with half selling in 17 days or less, the fastest sales pace in almost two years. The median sale price was $285,000, up slightly from April. Properties fetched more than 97 percent of asking price, the highest sale-to-list ratio in nearly two years.
“It’s still a seller’s market in Chicago,” Redfin Chief Economist Nela Richardson said. “For the last three months the city has had just four months of supply. Though price growth is slowing, the typical home is selling three days faster than it did a year ago due to still-strong demand.”
The median sale price was up almost 61 percent in Hyde Park from last year, 44.4 percent in Tri-Taylor and nearly 42 percent in Rogers Park. In South Lawndale/Little Village, one of the city’s most affordable neighborhoods, many homes sold for more than their asking price amid short supply. The median price there was less than $70,000.
Another affordable community, Ukrainian Village, was still one of the city’s hottest markets, with half of homes selling in nine days or less. North Center, too, is strong. Despite a nearly 50 percent increase in new listings, the median home sold in 18 days. In the West Loop, inventory is down and more properties are selling above asking price.
“The West Loop is selling like crazy, with most properties getting multiple offers in a matter of days,” Redfin agent Ali Donoghue said. “The easy access to transportation combined with great retail, restaurants, a top-rated public elementary school and an emerging technology district have made it a coveted destination.”
Buyers still have negotiating power in some neighborhoods, including McKinley Park, Beverly and Pullman, where prices fell. Englewood, a community where all-cash buyers are the norm, had the biggest price drop, down 20.2 percent.
NOTE: Not all neighborhoods are listed, but totals for Chicago encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood data is measured over the three months ended May 31. Inventory measures listings active as of May 31.
For more information, contact Redfin journalist services:
Phone: 206-588-6863
Email: press@redfin.com
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