Inventory on Chicago’s Southwest Side has tightened slightly in this rolling three-month view, with active listings down about 5% from a year ago. New listings and closed sales have also slipped year over year, signaling a bit less turnover even as 606 homes went under contract. With months of supply rising to 3.7 and the market gauge still pointing to a seller’s market, conditions lean toward sellers but with more balance than in past years.
Home values have moved up over the past year, with the typical sale price on the Southwest Side increasing about 5% while the city of Chicago overall rose closer to 8%. Asking prices have climbed even faster, with median list price up more than 12% year over year, suggesting sellers are testing higher price points.
Despite those higher list prices, buyers are still bidding strongly on well-priced homes. Nearly 42% of recent sales closed above asking, and the typical home is selling for essentially full list price, at just under 100% of asking. Homes are taking slightly longer to sell than a year ago, with median days on market now around 59, but almost 46% still go off-market within two weeks. With these mixed signals, both buyers and sellers on the Southwest Side can benefit from Agent Pronto’s help in finding an agent who understands current pricing and pace in this neighborhood.
