Are Chicago real estate prices dropping?
Chicago Real Estate Market Sees Significant Growth in December 2024
In December 2024, Chicago's real estate market demonstrated notable growth, countering concerns about potential price declines. The median home sale price reached $366,590, marking a 7.8% increase from the previous year. Additionally, the median price per square foot rose to $262. citeturn0search0
The city's housing market remains competitive, with homes typically selling after 59 days on the market, a slight increase from 57 days the previous year. In September 2024, the median sale price was $360,000, reflecting a 7.5% year-over-year growth. citeturn0search3
Statewide, Illinois experienced a 5.9% increase in home sales in December 2024 compared to the same month in 2023, totaling 9,905 homes sold. citeturn0search4
While the overall market is robust, the luxury segment has faced challenges. High-profile sales, such as billionaire Ken Griffin selling part of his Chicago penthouse at a 44% loss, highlight difficulties in the luxury condo market, particularly in downtown areas. Factors like increased crime rates and higher interest rates have contributed to a 28% decline in $4 million-plus home sales from Q3 2021 to Q3 2024. citeturn0news10
In summary, Chicago's real estate market is experiencing significant growth, with rising home prices and steady sales activity. However, the luxury sector faces unique challenges that warrant close monitoring.
Sources:
Rocket Homes: Chicago Housing Market Report December 2024
Redfin: Chicago, IL Housing Market
Illinois REALTORS®: Annual home sales dip, December home sales rise as Illinois continues to face tight inventory
The Wall Street Journal: It's Not Just Ken Griffin. Rich Chicago Residents Are Losing Their Shirts on Real Estate.
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