Chicago home sales take big fall in November

The number of home sales in Chicago took a big dip this November when compared to the same month a year earlier, according to the latest numbers from the Illinois Association of REALTORS®.

In fact, the number of sales dropped 10.4 percent this month on a year-over-year basis.

The association reported that the city of Chicago saw 1,659 home sales in November of this year. Last November, there were 1,852 home sales.

Why such a big drop? One theory is that there is simply a smaller number of condominiums and single-family homes for sale in Chicago this year when compared to last. When inventory falls, the number of closed home sales will typically drop, too.

There is some evidence that demand for Chicago condos and single-family homes is still strong, even if sales are falling. As the association’s press release says, the number of days it’s taking homes to sell in Chicago is dropping. At the same time, the median sales price in the city is rising. Those are both indicators of strong demand.

The median price of a home sold in the city of Chicago rose in November to $270,000. That figure is up a solid 3.2 percent when compared to November of 2018. Back then, the median sales price of a city home stood at $261,745.

What do these numbers mean for you if you’re ready to sell your Chicago single-family home or condominium? Only that working with a REALTOR® is more important than ever. This professional can help you set the right asking price for your home, one designed to attract offers but also leave you with the highest possible profit. A REALTOR® can also market your Chicago home to the greatest number of possible buyers. That, too, will help you nab the best sales price.