Chicago home sales fell in November compared to last year, but sellers are still getting their money’s worth – especially for popular neighborhoods near downtown that offer an easier commute, newer developments and close access to restaurants and retail.
For the City of Chicago, the median home sales price last month was $270,000, up 3.1% since last year. Homes sat on the market a median of 47 days before going under contract, which was the same median speed for listings a year ago. However, closed sales fell 10.3% year-over-year. November tends to be a slower month thanks to the approaching holiday season and cooler temperatures, but the market appears to be slowing even for buyers prone to purchase in late fall.
For attached single-family homes in the city of Chicago – condominiums and townhouses only – closed sales fell a lesser 9.7%, while the median sales price reached $313,500 (up 2.8%). These listings were on the market for a median of 51 days (up from 49 days last year) before going under contract.
How much does it cost to buy a home in downtown Chicago?
Looking closer at the downtown area – the median sales price for all residential home types was $445,000 – up 7.7% year-over-year. Market time rose just 4 days since last year to 57 days. Closed sales in neighborhoods closest to downtown fell 11.7% since last year.
Attached single-family properties downtown sold for a median $416,000 in November (up 6.3%). These listings had the same market time as the residential market overall, but a steeper 13.5% year-over-year drop in home sales.
How much do home prices vary by neighborhood in Chicago?
Is it more expensive to buy a home in Chicago compared to last year?
Depends on where you look. Home prices are up in every neighborhood except the Loop, South Loop and Lakeview. Annual home price growth appreciation is normal and indicates a healthy, growing market that makes buying a home in Chicago a good investment.
And, although reports of an impending recession are still in discussion, many neighborhoods had listings that sold faster in November compared to a year ago. In the Loop, homes sold a whopping 36 days faster than they did a year ago. Other neighborhoods with quicker sales this November included West Loop, South Loop, Lincoln Park, and Avondale/North Center.
Still, there is evidence that buyer demand is slowing in Chicago. Home sales fell in every neighborhood except for West Loop, West Town/Wicker Park and Avondale/North Center.
Take a look at how Chicago’s hottest neighborhoods have changed in key real estate market activity between November 2018 and November 2019:
- Loop home prices down 6.3%, market time down by 36 days, closed sales down 18.2%
- West Loop home prices up 10.1%, market time down by 8 days, closed sales up 19.4%
- South Loop home prices down 13.7%, market time down 19 days, closed sales down 22.4%
- River North home prices up 6.1%, market time up 21 days, closed sales down 6.1%
- Gold Coast/Streeterville home prices up 0.7%, market time up 28 days, closed sales down 51.1%
- Old Town home prices up 33.6%, market time up 4 days, closed sales down 13.8%
- Lincoln Park home prices up 11%, market time down 9 days, closed sales down 14.9%
- Lakeview home prices down 20%, market time up 42 days, closed sales down 22.9%
- Logan Square/Bucktown home prices up 3.1%, market time up 5 days, closed sales down 9.8%
- West Town/Wicker Park home prices up 20.8%, market time up 17 days, closed sales up 1.8%
- Avondale/North Center home prices up 27%, market time down 1 day, closed sales up 3.3%