In October, home prices fell substantially from the month before, with a median listing price of $360,000.
The number of listings on the market remained practically unchanged from last month, which is typical for this time of the year in Chicago, and homes are also selling faster than at the same time last year.
Home prices in Chicago
Typically, home price per square foot in Chicago tend to fall in October. And the most recent data shows that the price per square foot decreased by 2.3% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in the Windy City are larger the national market.
Chicago inventory
In October, there were 4,401 homes for sale in Chicago, which was 0.3% more than the month before and 16.1% less than the same time last year.
Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001.
The number of new listings in Chicago was 1,814, which was 20.6% less than the month before and 9.6% less than the same time last year.
Nationally, the number of new listings fell by 2.7% from last month to 384,264.
Time on market
Homes in Chicago take an average of 38 days to sell, according to October figures.
This is the same as the previous month and two days less than the same month last year.
For comparison, nationally homes spent an average of 63 days on the market in October.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in Chicago, IL.