Residential Real Estate Market Report Chicago and Suburbs Q4 2024 Out Now!!

Interested in how the real estate market handled Q4 in 2024? Read the Compass Residential Real Estate Market Report for Q4 2024 for Chicago and Suburbs with statistics for your Chicago neighborhood and town.

Chicago Real Estate Market Report

I am excited to share the Q4 2024 Market Report. Throughout 2024, the Chicagoland real estate market showed a strong upward trend, with both home prices and activity gaining momentum. This growth was fueled by a consistent increase in buyer demand and a more balanced inventory.

In the City of Chicago, new listings for detached homes dropped by 5.5% by the end of the quarter, while listings for attached properties rose by 5.1%. Listings under contract saw a 10.7% increase for detached homes and a 4.9% rise for attached properties. The median sales price climbed 14.0% to $325,000 for detached homes and 11.3% to $373,000 for attached properties.

The months’ supply of inventory decreased by 13.2% for detached units and 12.2% for attached units. Total housing inventory was 1.33 million units heading into December, down 2.9% from the previous month but up 17.7% year-over-year, providing a 3.8-month supply at the current sales pace. This remains below the 5–6 months’ supply typical of a balanced market. The limited inventory continues to drive up sales prices nationally, with the National Association of Realtors (NAR) reporting a median existing-home price of $406,100, a 4.7% increase from the previous year.

At the beginning of the year, some buyers remained cautious due to fluctuating mortgage rates. However, as 2024 progressed, we saw a steady rise in transactions as more consumers adjusted to the new normal of interest rates. By the end of the year, the Chicagoland market stood out with a notable increase in median sale prices, driven by the area’s strong economy, cultural appeal, and quality of life. While the number of homes sold remained relatively stable, the demand for properties in key neighborhoods continued to push prices upward.

As we begin 2025, we expect the market to stabilize further, offering both buyers and sellers a return to a more normal pace for sales and purchases. With inventory levels becoming more manageable and pricing showing signs of balance, consumers can look forward to a steady, healthy market environment in the months to come.

With strong demand and a growing economy, there are plenty of reasons to be optimistic about the future of Chicago real estate. If you are thinking about buying or selling a property in Chicago, now is an excellent time to get in touch with me to explore your options.

As you may know real estate is hyperlocal. Please call Chicago Real Estate Agent 312.961.4478 or email me with any questions, or if you would like to discuss the market in your neighborhood!

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