Has the Chicago housing market slowed down?

The following info came via email yesterday evening from Redfin:

Redfin today published a report analyzing the speed of the real estate market and found that Chicago is the 19th fastest-moving market among Redfin’s 22 markets.

Things are heating up across the country, but in the last month Chicago saw a 22% year-over-year drop in the number of homes that went under contract in 14 days, as well as a 23% month-over-month decline.

Things might be slowing down, but the flash sale trend in Chicago continues, with 150 listings selling within 24 hours of hitting the market in April alone. Only four other markets saw more flash sales than Chicago.

It’s worth noting that 3 of the 4 markets that had more flash sales than Chicago (DC, Phoenix and Dallas) are smaller than Chicago.

Redfin statistics show Chicago with a 5.4 months’ supply of homes listed for sale. Of the 22 markets in which Redfin is active, only Atlanta (6.9 months) and Philadelphia (8 months) had slower overall market times.

The full report is available at Redfin’s blog.

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