In March 2024, the Chicago area’s housing market saw a slight dip in home sales compared to the previous year, with total sales totaling 6,794 in the nine-county Chicago Metro Area. This represented a 14.1% decrease from March 2023, coupled with a 15.5% drop in available homes for purchase, leaving only 10,409 homes on the market according to Norada Real Estate Investments
However, despite the decline in sales volume and inventory, the median home price in the Chicago Metro Area rose significantly. March 2024 saw the median price reach $339,900, up by 9.6% from the previous year. This suggests a continued demand for housing in the region, even amid declining sales and limited inventory.
Photo of Chicago City Skyline courtesy of City of Chicago
Within the city of Chicago, similar trends continue, with a decline in year-over-year home sales in March 2024. Despite the drop in sales, the median home price in Chicago rose to $359,000 in March 2024, indicating a 7.3% increase from the previous year. This signals a robust spring season ahead, despite challenges posed by constrained inventory.
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While not great for affordability, it’s a good sign for new development. Hopefully, this can encourage more construction in areas which need investment. Investment benefits everyone.
Indeed, let’s keep on organically densifying with new investments in non-car-based transportation to make this sanely possible.