In November, home prices fell substantially from the month before, with a median listing price of $350,000.
The number of listings on the market shrank 5.5% from last month, which is a smaller decrease than normal for this time of the year in Chicago, and homes are also selling close to the same pace as the same time last year.
Home prices in Chicago
Typically, home price per square foot in Chicago tend to fall in November. And the most recent data shows that the price per square foot decreased by 4.1% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in the Windy City are larger the national market.
Chicago inventory
In November, there were 4,161 homes for sale in Chicago, which was 5.5% less than the month before and 16.5% less than the same time last year.
Meanwhile, active inventory across the nation fell by 2.5% from last month to 1,072,266.
Time on market
Homes in Chicago take an average of 44 days to sell, according to November figures.
This is six days more than the previous month and two days less than the same month last year.
For comparison, nationally homes spent an average of 64 days on the market in November.
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.