Chicago, IL housing market

Homes in Chicago are moving in about a month right now, and that speed tells you most of what you need to know about this market. The typical home here is worth about three hundred thirty-nine thousand dollars, up just over 3 percent from a year ago, so values are still climbing, just at a steadier pace. There are about three thousand three hundred homes for sale, and roughly two thousand one hundred new listings came on this month, so buyers have fresh options but nothing close to a glut. Sellers are asking a median of about three hundred eighty thousand dollars, and only about 10 percent of listings have cut their price. That low cut rate matters. It means most homes are priced well enough to sell as listed, and overpricing is the exception, not the norm. If you're a homeowner thinking about selling, this is a market that rewards a realistic price with a quick, clean sale. Come in too high and you'll be the one in ten making a cut.