For the broader Chicagoland area, the median sales price rose 12.2% annually in December to $266,000. It took sellers just 25 days (median) to sell a home, compared to 54 days (median) one year ago. Closed sales were up a whopping 33.1% and the number of homes for sale dwindled 34.7% to 19,882.
For the city proper, Chicago home prices (condos, townhomes and single-family homes) reached $307,250 – up 11.5% year-over-year. Market time fell to 37 days (median) compared to 60 days in December 2019. Closed sales increased 18.9% while inventory grew 2.3%.