CAR report: Inventory remains scarce across Chicago

by Emily Mack

Although new listings increased slightly during the last week of April, overall detached housing inventory was down across the city last month. A new market activity report from the Chicago Association of REALTORS® (CAR) details the statistics, provided by Midwest Real Estate Data.

During the week ending on April 30, new detached home listings increased 0.2% to 420 listings year over year, while the total inventory shrunk 3.1% to 1,841 detached homes. Inventory also shrank during the week prior, ending on April 23, which was the first negative year-over-year change in several weeks. However, Chicago’s three-month inventory average remains up 6.3%.

The numbers for attached homes, though, tell a different story. During the final week of April, new attached listings shrank a substantial 21.9%, year over year, to 756 units, contributing to the overall decrease of 33.8%. Throughout the entire month of April, housing supply shrank 40% to 2.4 months — though that’s still longer than the projected supply for detached homes, currently at 1.9 months.

From the Chicago Association of REALTORS®

The average number of days on the market for both detached and attached homes also continued shrinking throughout the end of April, to 56 and 64 days, respectively. And while prices increased, month over month, for both types of homes, attached home prices reflected a year-over-year decrease of 0.4% during April, resulting in a median price of $378,375. Meanwhile, attached homes continued their trend of year-over-year price growth, up 1.4% for a median price of $350,000.

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