Chicago Housing Shortage Lifts Prices

Chicago home prices kept climbing in Early-Q3, with the city's median sale price reaching $425K, ↑~13% yearly from $375K as supply stayed tight.
Buyers still faced far less inventory than before the pandemic, helping sellers keep leverage and maintain upward pressure on Chicago prices in the current market.
Even with higher prices, city sales ↓~3% yearly. Chicago still ranked 28th on pricing, showing relative affordability among major housing markets currently.
Homes spent 47 days on market, about nine fewer than the national avg., while townhome inventory ↑>7% yearly for buyers seeking speed.
For owners planning a move, Chicago's tight supply continued to support a seller's market, helping listings command stronger pricing than many expected.