The median sale price of listed houses in Chicago in the third quarter was up 20.0%.* The median sale price was $180,000.
Back in July I wrote about how the median sale price of Chicago houses was up 12.7% in the second quarter. As shown below, the increase for the third quarter was the largest from a year earlier in the past 3 years
The average sale price as a percent of original sale price for homes with no price changes was 97.6% up from 95.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 86.9% up from 82.0%
The number of listed houses for sale in Chicago in the 3rd quarter was down 11.2% from 3rd quarter 2012. There were 9,235 houses for sale in Chicago compared with 10,399 a year earlier. Distressed sales (short sales and foreclosures) dropped from 40% to 32% of the inventory for sale.
The number of Chicago houses sold in the 3rd quarter was up 24.4% from a year earlier. Chicago house pending sales were up 29.4%, so sales should do well this quarter.
Condos For Sale in Chicago IL
WHAT THIS MEANS FOR CHICAGO HOUSE BUYERS
Higher prices and higher prices as a percent of original list prices confirm that it’s no longer a buyers market. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.
WHAT THIS MEANS FOR CHICAGO HOUSE SELLERS
If your home is priced right when it goes on market, it should sell in less than 4 months. The average days on market was down 11.3% to 101 days. With the drop in inventory slowing you definitely shouldn’t price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, get our free home valuation.
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Call Fran at 773-793-4516, text or email
*Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
