Interested in how the real estate market handled Q4 in 2023? Read the Compass Residential Real Estate Market Report for Q4 2023 for Chicago and Suburbs with statistics for your Chicago neighborhood and town.
I am excited to share with you the Q4 2023 Compass Chicago Residential Real Estate Market Report. Chicagoland continues to be one of the most sought-after locations in the country for many reasons. With its vibrant culture, excellent schools, and thriving job market, Chicago is the perfect place to call home. The city's real estate market remains robust, with a steady influx of buyers from all over the country.
Home prices were up compared to Q4 2022. The overall median sales price
across the Chicagoland market place rose 3.4 percent to $300,000. This breaks out with single family, Detached homes up at 1.6% year over year and attached single family homes up an impressive 6.4% over Q4 2022. As mentioned, available housing stock continues to be of singular concern and has dropped 22.8% in Q4 2023 over Q4 2022 with the inventory listed pushing the downward trend for a third year in a row. Regardless of these hurdles, demand continues to increase pushing prices up.
Looking at Q4 of 2023 over the previous year’s final quarter we see an overall increase in sales price almost across all counties within our attached marketplace. With median sales prices continuing to rise, we also see average days on market dropping, down almost 14%, along with the gap between list price and sell price closing further to 98.4%. These trends continue to show us even with the challenges of the fluctuating mortgage market, uncertainty about inventory, and housing stock being discussed in the media, real estate continues to trade at growth throughout Chicagoland.
While the limited inventory is challenging for home buyers, the overall supply of homes will continue to increase, and with that more buyers will be able to make a move that has been tough to execute for some time.
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.