Average Time To Sell a House In Chicago 2022

Have you ever been curious about how long it takes to sell a house in Chicago? How many days on the market (DOM) should your house be up for sale?

Currently, It takes an average of 35-49 days on the market before selling in Chicago, but this number is greatly affected by the property, specific location, price point, and if there are any major renovations or updates that are needed.

Realtors use a metric called Days on Market or DOM for short. Realtors use this metric to determine current market conditions and relative demand in the market. It also shows the best time of the year to sell a house. 

The median list price for Chicago, IL is $299,900 with the market action index hovering around 53. This is an increase over last month’s market action index of 52. Inventory has increased to 1,537. Click here for the latest real estate data for the Chicago market! 

Click on the image below to see real-time days on market for Chicago IL!

If you are selling your house you might have questions like 

• What is Days on Market and How is it determined?
• Why does Days On Market matter?
• What’s the average Number of Showing to sell a house?
• How long are houses on the market before they sell?
• What are ways to reduce Days On Market?
• How can I find out the average days on market for my area?

In today’s blog post, we will answer all these questions and more. We will also show you what DOM for Chicago currently is and why this number matters so much for realtors, sellers, buyers, and investors alike.

There are also seasonal trends. You can expect a longer DOM in the winter months vs the summer.

What are Days on Market and how is it determined?

Days on Market (DOM) is the number of days from when a property goes up for sale until the seller signs a contract to purchase. Days on market will give you an idea of how long homes are listed for sale until they find a willing and able buyer.

Days on market is a great way to determine the strength of the market for similar homes in your neighborhood.  An increasing number of days on market is a sign that there is an abundance of homes on the market, and buyers are finding it more difficult to find their dream home. The opposite is true when days on the market have decreased.

Why does DOM matter?

DOM matters because it shows you what the market is doing and how long your home will be on the market before it’s sold. If you are thinking of selling, days on the market can help determine if now is a good time to list your property for sale.

Realtors use DOM as a way to set prices given current demand and competition within their area. They also determine if you priced your home correctly. If your home has not had any offers within the average time on the market for your area, your home price is set to high.

Average Number of Showing to sell a house?

This number varies by location and property. For example, the average for a single-family home in Chicago is 10-15 showings before it sells. But the number can be much higher for a duplex or condo. Recently listed homes have the most attention and showings within the first two weeks. This is also when you are likely to get your best and highest offer, according to statistics.

If your house has passed the two-week period and or past the average days on market, you need to change your approach before the market considers your listing and home stale.

If the home sits on the market for too long, prospective buyers will start wondering why it hasn’t sold. Additional willing buyers will also have more negotiation power since the home has been on the market for a longer period than the neighborhood’s normal DOM. 

How long are houses on the market before they sell?

The average DOM for your neighborhood and when your house actually sells are two different periods. Remember DOM is the time it takes from listing to a signed purchase agreement. The home will be pending or contingent until it actually sells. If you accept an all-cash offer, the quickest you close will be 10 business days after acceptance. If your buyer is receiving a loan to purchase your house, you can expect to finalize the transaction 30-45 days after the contract has been mutually signed. 

Ways to Reduce Days On Market (DOM)

Many different factors can affect DOM for your home. Some factors are completely out of your control. However, here are the most proven ways to reduce your DOM and get the highest and best offer for your home.

Professional Photography

You can’t get an offer if you don’t get people through the door. Photography is the home’s first impression on potential buyers. The home must catch the buyer’s interest enough for them to ask for a showing. 

Make sure the photography displays the uniqueness of your home and its attributes. Photography matters, it matters a lot.  It’s why we all have the very best photo of ourselves on our profiles. Your realtor should be promoting your home for sale with professional photos.

Staging

Sellers must have a shift in their mindset when listing their homes for sale. When you list your home you must have the potential buyer in mind. They don’t care for your mug collection, family photos, or unique and antique furniture. This is the time to put the buyer first. What would a buyer like to see? Clean, decluttered, and bright.

Staging a home with a professional gives your home the best chance to sell. Interior designers can find the perfect furniture to compliment your home. A staged home will always attract more buyers vs an empty home. Staging gives buyers an idea of what the space can look like with their new furniture.  

Renovations

Renovate or update any necessary improvements before listing your property for sale, this can make it easier for buyers who are looking for more updated homes. A completely renovated home will always attract the most buyers and those homes that need very little repairs will also bring the highest sale price. 80% of buyers are looking and prefer a home that needs very little to no repair. The closer you can get the home to this point the better for your sales price.

There are however a few repairs that give the best return for your investment. If you don’t or can’t repair a home to an acceptable condition, paint and floor are almost guaranteed to return 100% for money invested. You can also talk about this with your realtor. He/She can point out things that might have the best and largest impact on the sales price.

Priced Correctly

Often you find overpriced homes on the 90+ days on the market list. Waiting for the perfect offer that will never come. ‘Just testing the market’ is sure to get you very little action and no or low offers. This is why you and your realtor should be in agreement on the price strategy. Realtors and sellers should make data-driven marketing decisions to place the home in the best position to sell. 

Don’t overprice your home. It’s the most common and costly mistake to make. 

How can I find out the average days on market for my area?

Realtors have access to the MLS where they are able to determine all the data about your neighborhood. The MLS offers a great tool that calculates how many showings are needed before your home will sell on any given day, week, or month. You just need to input your zip code and it will give you an idea of what DOM is like for homes.

I also like to see the data generated by Altos Research. Unlike the MLS, Altos Research calculates local real estate data weekly and will give you a better snapshot of your current market conditions.

Conclusion

The days on the market for a home in Chicago can be reduced by following these steps.

1. The first step is to make sure your property looks its best with professional photography and staging it with furniture that will attract buyers.
2. Next, you should take care of any necessary renovations before listing your house including painting or flooring which are guaranteed ways to get back 100% of the money invested.
3. You should also price your home appropriately so that it gets viewings. Overpricing is one of the most common mistakes made when selling a house in today’s competitive housing market.
4. The last thing would be to find out how long homes typically stay on the MLS or search online for recent data about DOM rates in Chicago from sites like Altos Research who provide the very best real estate data. 

If you have any questions about the days on the market for your specific zip code, city, or neighborhood, we would love to hear from you.