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Chicago home prices reach new highs in May

by Liz Hughes

Home-price growth remained in double digits for the 10th straight month in May as inventory lows pushed the median listing prices up 15.2% from last year. But there’s good news for those looking for a home in this competitive market — the rate of price growth moderated for the second time in 13 months. 

Realtor.com’s Monthly Housing Trends Report found median home prices across the country continued to appreciate by double digits in May, reaching a new high of $380,000. 

The median list price of a home in Chicago grew 7.6% from last year to $355,000.

The spring market continued to show signs of normalizing, as new listings grew 5.4% year over year, but inventory levels continued to be low, and homes are selling 32 days faster than they were a year ago and 18 days faster than they were between 2017 and 2019, according to the report. 

In May, Chicago’s listings grew 8.3% compared to a year ago, just over the average national rate. Homes in the area stayed on the market 23 days less than they did in 2020. 

Chicago homes were on the market for a median of 36 days in May. 

“Homebuyers looking to lock in still-low mortgage rates face fierce competition for fewer homes for sale than last year’s historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month,” said Realtor.com Chief Economist Danielle Hale in a press release. “The good news is that price momentum may be beginning to cool off. While still in the double-digits, May was the first non-weather-related slowing in price appreciation since April 2020. And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall.”

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