What's happening in downtown Chicago? Let's take a look. This is the market update for Chicago through October of 2024. I'm Anne Rossley.

Let's look first at homes, single family homes along the lakefront communities. This month, 73 homes went under contract. It's a bit higher than last year at this month, but certainly lower than the previous Octobers for the past five years. 62 homes are currently under contract, and that is the lowest in the month of October for the last several years. The reason, everybody, inventory. Inventory is the thing. There's nothing to sell. 242 homes are currently on the market, and you can see we had 545 to choose from in 2019 during the month of October, 540 in 2020.

Now, we have less than half that much. That equates to 3.3 months worth of inventory. That means it takes 3.3 months to sell what's currently on the market, given the rate of sale. And the median sales price, because of this lack of inventory continues to rise, we're now at 1,350,000 in terms of median sales price. The typical property on the market this month got almost four, call it four, showings per month. I don't know how you do 3.9.

Now, let's look at attached, and by attached, what I mean is condos, co-ops, and town homes. All right, 678 closed during the month of October. It was up a little bit versus last year. However, below the previous years' Octobers. 708 are under contract, and that's higher. 2322 condos, or I should say condos, co-ops, town homes, are currently for sale, as you can see. That is the lowest that we've had in the last several years. That equates to 2.8 months worth of inventory. Very low. That tells us that it is a seller's market out there and with this very little inventory, yes, folks, it's an all-time high. $440,000 is the median sales price for attached properties in the lakefront communities.

All right, so if we look year to date, January through October of 2024, we're down 1.9% versus previous year. With attached properties being closed, that's down 26% versus the year before that. Talking about detached or single family homes, we're actually up 8.5% in the number of units closed, but that's versus being down 33% versus 2022.

All right, showing traffic. What this is, is an index of how many people are out looking, and they take it based on the appointments that we make to show properties. The index for the month of September was 126.1. That is normed to January of 2014, and it's more of a relative term as opposed to how many people are out there looking around. During the month of March and April of this year, the indexes were 214 and 198. So you can see, 126 is significantly lower in terms of traffic. A little bit higher than the United States, but pretty, pretty similar.

Freddie Mac's interest rates. I did this on Thursday, it was 6.72. When I looked at it this morning, it was 6.79. I'm filming this on November 11th. Whoops, wrong way. Veterans Day.

All right, average rent. 2200 a month in Chicago. That's $3 and 8 cents per square foot, up 8% versus the previous year. You see the graph tending down, but that's from the previous months. Here, you can see that in all sizes of apartments, one, two, three, four, and studio, we are down versus last month, but up versus the year before.

The Loop has the most expensive apartments. All sizes median sales price 3,287. And Uptown is the bargain area for this downtown area, and it's 1,900 per month. Chicago continues to be number 11 nationally in terms of renting price versus the big metropolitan markets, and an article just came out recently that said that it is much more affordable to own versus rent in Chicago versus other cities.

So that's it, folks. That's what's going on in downtown Chicago. I'm Anne Rossley. If I can help you in any way, please reach out.

For Everything Chicago, Ask Anne...
📩 anne.rossley@bairdwarner.com
📞 773-620-5333
🌐 annerossley.com

00:00 Start
00:11 Single Family Homes
01:24 Attached
02:14 Year-To-Date
02:41 The Showing Index
03:19 Mortgage Rates
03:34 Rental Activities & Prices

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