End of Summer Market Snapshot

Market Trends

  • In August 2014, 10,370 homes sold in Chicago. This marked a 13.3% decrease from August 2013 sales of 11,963 homes at a time when more homes were available for sale.
  • The median price in August 2014 was $215,000, up 9.1% from $197,000 in August 2013.
  • The time it took to sell a home dropped year-over-year in August with listings averaging 53 days until sale, a 10.2% decrease compared to 59 days in August 2013.
  • Chicago saw a 15.3% decrease in year-over-year home sales in August 2014 with 2,414 sales, down from 2,850 in August 2013 when more homes were on the market.
  • The sales forecast for September, October and November suggests a downtrend both on an annual and monthly basis. Annually, the three-month average forecasts point to a decrease of 5.4% to 4% for Chicago. On a monthly basis, the three-month average sales are forecast to decrease by 7.5% to 10.1% for Chicago.
  • In August 2014, 2,092 houses were newly filed for foreclosure in Chicago. This is down 18.5% from August 2013, and 10.2 % from July 2014. In August, 2,888 foreclosures were completed, down nearly 59.1 % from August 2013 and 1.9% from July 2014.
  • The foreclosure inventory of homes for sale is 32,720 in Chicago.

State of the Market

  • Home prices posted gains over last year in a consistent trend.
  • The inventory shortage that has held back the market all year continued in August.

Information from the Chicago Association of REALTORS®.

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