Chicago, IL

Chicago

In 2024, Chicago's market showed consistency with some notable shifts compared to previous years. The average sales price was $7.2M, roughly half the regional average of $16M, but above the market’s 10-year average of $6.7M. Chicago proved to be a stable market over the past 8 years, despite a slight decline of 7% in the average sales price in 2024.

Highlights

• Average sale prices have remained steady from 2021 to 2024

• Homes selling within 180 days achieve 98% of the list price, while those taking longer to sell achieve only 85% 

• DOM more than doubled to 323 days compared to 2023, signaling a market slowdown. 

A big discount for slow selling

A significant trend in 2024 is the impact of time on the market. Properties that remained on the market for more than 180 days had an average list price of $8M, but sold for closer to $6.6M, reflecting a notable difference of nearly 15%. In contrast, properties that sold within 180 days achieved 98% of their listing price on average, a clear advantage for quicker sales.

This is worth noting for sellers in Chicago, as 2024 showed an increase of 64% in average Days on Market (DOM), from 167 days in 2023 to 323 days in 2024—nearing a full year on the market. This market slowdown suggests a more challenging market environment ahead, sellers facing extended sales cycles.