Main Content

Chicago Real Estate Update: Weekly Market Insights

Chicago Real Estate Update
Weekly Market Insights with Anne Rossley

March 25, 2024

UPDATE March 25, 2024

This week, for Chicago single-family homes in the lakefront communities (Lincoln Park, Lakeview, Uptown, North Center, Logan Square, West Town, Near West Side, Loop, South Loop):

342 are active on the market,

72 have closed this month,

and the average sales price was $1.282M.

Attached properties (condos, co-ops, townhomes):

3433 around the market,

660 have closed in March so far, and

the average sales price is $514.500.

Weekly activity year to date:

Closed listings are down over the last week: 1782 vs. 2312

However, over the last 5 weeks, when looking at listings under contract โ€” they are up each week, most recently : 3202 vs. 2902.

And by the way, this is for all of the Midwest real estate data, not just the downtown lakefront communities.

New listings โ€” higher than 2023 in four out of the last five weeks. so we’re on a positive trend.

Mortgage rates: Freddie Mac, 6.87% average interest rates. That’s down a little bit, and this has resulted in a 7.1% increase in loan applications on a seasonally adjusted basis.

Rent prices, oh my heavens!

Costs for rental properties are up 13% up in the last month, up 26% year over year. And actually, if you look at the different number of bedrooms, it’s up even higher. Two bedrooms are up 41% year over year.

So if you’re thinking about buying, it might be a great time to jump into the water.

I’m Anne Rossley with Baird & Warner. Please reach out and let’s talk about what’s best for your situation.

Have a great week. See you next time!

For Everything Chicago, Ask Anne…
๐Ÿ“ž 773-620-5333


Get in Touch

Get in Touch

Keep up to date on the latest market trends and opportunities.

    Skip to content