As the housing market in Chicago continues to tighten, potential buyers are facing increased competition due to a significant drop in the number of homes for sale.
According to recent data from the Chicago Association of Realtors, the inventory of homes available for purchase in May diminished to 4,264 units, reflecting a 13.7% decrease compared to the same period last year.
This trend is not just about fewer options for buyers; it correlates with a decline in home sales as well.
Notably, home sales (excluding those that are under contract) saw a 7.3% drop in May compared to May 2024.
Simultaneously, the median sales price has surged to $390,000, marking an 8.3% increase from the $360,000 recorded a year prior.
The reduced inventory, coupled with rising prices, poses challenges for homebuyers seeking the right their desired properties in Chicago.
To give an insight into what buyers might expect around the city’s median sales price of $390,000, the Sun-Times explored various property listings available through Redfin data.
One notable listing is located at 5029 W. Superior St. in Austin, priced at $392,000.
This five-bedroom, three-bathroom home spans 1,902 square feet and was originally built in 1910.
The house has been recently remodeled and features a kitchen that will have new stainless steel appliances installed before closing, as indicated in the listing details.
Additionally, it boasts a finished basement with a separate entrance and a fenced backyard. Remarkably, the property was sold earlier in February for only $135,000.
Another interesting option is at 5068 W. Congress Parkway, also in Austin, with a price tag of $399,900.
This spacious five-bedroom house offers 2,500 square feet and was built in 1915.
Its new kitchen features stainless steel appliances and quartz countertops, and the finished basement includes two bedrooms and a laundry room.
This home has a documented history of being sold for $115,000 in September 2024.
For those interested in a renovated property, 2922 W. Polk St. in East Garfield Park is listed at $399,900.
This four-bedroom, two-bathroom dwelling stretches across 1,589 square feet and dates back to 1893.
The home showcases a modern kitchen complete with quartz countertops and a waterfall center island, along with a fully finished basement that holds family room space and two additional bedrooms.
This property also comes equipped with new electric and plumbing systems, a tankless water heater, and a backyard deck along with an elevated parking area for two cars.
If you prefer condo living, 330 W. Grand Ave., Unit 904 in River North can be yours for $399,900.
This unit features 1,100 square feet, two bedrooms, and two bathrooms, and was constructed in 2005.
With floor-to-ceiling windows, this corner condo also offers luxurious new vinyl flooring and carpeting throughout.
A distinct highlight is the private 75-square-foot balcony that extends from the living room.
Building amenities include a fitness center, 24-hour door staff, and pet-friendly policies, along with garage parking available without a rental cap.
Lastly, the South Loop presents a third option with 1143 S. Plymouth Court, Unit 407, priced at $399,000.
Spanning 1,550 square feet, this three-bedroom condo includes two renovated bathrooms and ample storage space with two walk-in closets.
The kitchen features granite countertops and stainless steel appliances, while building amenities provide a community pool and on-site laundry.
In this competitive environment, potential buyers in Chicago will have to navigate a challenging landscape as market dynamics continue to evolve.
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