The Market Report: Chicago's Neighborhoods | May 2019
At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings in the City of Chicago increased 1.9 percent to 6,031. Listings Under Contract were up 1.2 percent to 3,024. Inventory levels rose 2.2 percent to 9,435 units.
Prices continued to gain traction. The Median Sales Price increased 3.3 percent to $315,000. Market Times were up 6.3 percent to 73 days. Buyers felt empowered as Months Supply of Inventory was up 7.7 percent to 4.2 months.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.