Data current as of February 20, 2023
Nationally, the median age of owner-occupied homes is 40 years, according to the 2021 American Community Survey (ACS), the most recent survey available. Among owner-occupied homes, nearly half were built before 1979, while only 10% of homes were built 2010 or later. As America’s housing stock continues to age, and with a limited supply of residential new construction available, the home renovation industry has experienced a boom the last few years, especially during the pandemic, which saw homeowner remodeling and repair spending increase by double digits, per the Leading Indicator of Remodeling Activity (LIRA) from the Harvard Joint Center for Housing Studies.
SINGLE-FAMILY DETACHED
For the week ending February 11:
New Listings decreased 8.9% to 288
Under Contract Sales decreased 2.6% to 191
Inventory increased 15.9% to 2,283
For the month of January:
Median Sales Price decreased 10.0% to $261,000
Market Time increased 21.3% to 74
Percent of Original List Price Received decreased 2.4% to 94.3%
Months Supply increased 38.1% to 2.9
SINGLE-FAMILY ATTACHED
For the week ending February 11:
New Listings decreased 31.6% to 440
Under Contract Sales decreased 22.5% to 359
Inventory decreased 25.2% to 3,068
For the month of January:
Median Sales Price decreased 0.4% to $332,500
Market Time decreased 14.8% to 92
Percent of Original List Price Received decreased 0.1% to 95.9%
Months Supply decreased 4.3% to 2.2
Current as of February 20, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.