Data Current as of January 9, 2023
Rental prices are rising at the slowest pace in 19 months, with rents up 3.4% nationally as of last measure, marking the 10th consecutive month of slowing rent growth, according to Realtor.com’s recent Rental Report. Among the 50 largest metropolitan markets, the median asking rent declined $22 month-to-month to $1,712 and was down $69 from July 2022’s peak of $1,781. Rents in Sun Belt markets slowed at a faster rate than rents in the Midwest and in big metros such as Boston, Chicago, and New York, which have seen stronger rental growth this year.
SINGLE-FAMILY DETACHED
For the week ending December 31:
New Listings decreased 19.9% to 125
Under Contract Sales decreased 11.5% to 92
Inventory increased 8.1% to 2,487
For the month of November:
Median Sales Price decreased 6.8% to $288,826
Market Time increased 43.5% to 66
Percent of Original List Price Received decreased 2.5% to 95.2%
Months Supply increased 26.9% to 3.3
SINGLE-FAMILY ATTACHED
For the week ending December 31:
New Listings decreased 35.4% to 104
Under Contract Sales decreased 44.2% to 92
Inventory decreased 24.3% to 3,329
For the month of November:
Median Sales Price decreased 6.5% to $325,000
Market Time decreased 12.5% to 70
Percent of Original List Price Received decreased 0.6% to 96.2%
Months Supply decreased 10.0% to 2.7
Current as of January 9, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.