Chicago Housing Market Update: December 2024 Trends
In December 2024, Chicago’s housing market exhibited notable trends that potential buyers and sellers should consider.
Median Listing Home Price
The median listing home price in Chicago was $335,000, reflecting a 2.9% decrease compared to the same period last year. This decline suggests a slight cooling in seller expectations or adjustments to market conditions. Source
Median Listing Price per Square Foot
The median listing price per square foot stood at $247, providing insight into how buyers value space within the city. Source
Median Home Sold Price
Contrasting the decline in listing prices, the median home sold price increased to $345,000, indicating resilient buyer demand. Source
Market Dynamics
The simultaneous decrease in listing prices and increase in sold prices suggest a competitive market where buyers are willing to meet or exceed asking prices for desirable properties.
Conclusion
Chicago’s housing market in December 2024 presents a mixed landscape, with declining listing prices but rising sold prices. This highlights the importance of strategic pricing and negotiation for both buyers and sellers.
Sources:
- Chicago Real Estate Market Overview
- Chicago Real Estate Market Trends
- Chicago Home Prices & Sales Data
For further insights, check out this video: 🎥 Why Is Chicago Real Estate So Cheap?
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