Interested in how the real estate market handled Q3 in 2024? Read the Compass Residential Real Estate Market Report for Q3 2024 for Chicago and Suburbs with statistics for your Chicago neighborhood and town.
I am thrilled to present the Q3 2024 Chicago Real Estate Market Report. In Chicagoland and beyond, home prices have reached new heights, driven by an increase in inventory and lower mortgage rates. Experts believe these trends will enhance sales in the upcoming months. At the start of the quarter, many buyers were still hesitating due to higher mortgage rates. However, as the
quarter progressed, the decline in home sales was more moderate than the national average, at just 2.5% month over month. Despite a slowdown in sales, home prices across much of the country have continued
to rise.
In Chicagoland, while the number of homes sold saw a slight year-over-year decrease, the median sale price surged by 7.25%. This demand is fueled not only by the city’s growing recognition for its vibrant culture and excellent schools but also by its robust job, development, and cultural market places. For the eighth consecutive year, Chicago has been voted the top Big City in the U.S.—an ideal place to call home.
During Q3 2024, the Chicagoland residential real estate market experienced a noticeable shift. Home prices saw a slight uptick compared to the previous quarter, driven by limited inventory and consistent demand, especially in desirable neighborhoods with good schools and public transport access. Despite the higher interest rates, many buyers remain active, leading to a substantial number of transactions. The shift toward remote and hybrid work continues to shape buyer preferences, with increased demand for homes featuring office spaces and larger living areas.
While the market hasn’t returned to the rapid pace of 2021 and early 2022, largely due to concerns about interest rates and economic fluctuations, consumers are slowly adapting to the current rates as the new normal. A modest increase in inventory is giving buyers more options and easing competition somewhat.
Although prices continue to rise, they are starting to stabilize, encouraging sellers to adopt more strategic pricing approaches. This shift has also resulted in longer market times.
If you’re considering buying or selling a property in Chicago, now is a great time to connect with me to explore your options.
With strong demand and a growing economy, there are plenty of reasons to be optimistic about the future. 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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