Buyers in the Chicagoland area continue to face a tight housing market, with active listings in the Chicago-Naperville-Elgin metro falling 7.8% year over year in June, according to Realtor.com.
Fewer homes were also hitting the market each week, as new listings declined 11.8% year over year, compared to a 2.4% increase nationally.
At the same time, home prices moved against the national trend. The median list price in the Chicago metropolitan area rose 3.8% year over year in June to $394,500, while the national median fell 2.5% to $430,000. Realtor.com attributed the local price increase to constrained inventory and steady buyer demand.
Sellers also proved less willing to cut prices. In June, only 12.7% of Chicago-area listings saw a price reduction, below the national share of 18.8%. All that said, Chicago metro homes sold faster than the rest of the country, spending 33 average days on market, compared to 53 days nationally.