Nov 27, 2023 - Real Estate

Fewer Chicago homeowners are selling at a loss

Illustration of a real estate sale sign shaped like a downward point arrow

Illustration: Annelise Capossela/Axios

A shrinking share of Chicago-area homeowners are selling their houses for less than they paid for them, per data Redfin shared with Axios.

Why it matters: Chicago is among the top five cities with the highest proportion of losses — all north of 6%.

By the numbers: 6.7% of Chicago-area homes sold at a loss from August–October 2023 — down from 8.5% a year ago.

  • The median loss was around $29,000, per Redfin data.

The big picture: Losing money on your home sale is becoming more common across the U.S.

  • The highest share and largest losses were in San Francisco. Roughly one in seven SF owners lost money on their home sale, with a median loss of $122,500.
  • Detroit, Cleveland and New York were also among the top cities.

Meanwhile, losses were least common in Providence, Rhode Island; Anaheim, California; San Diego, Boston and Fort Lauderdale, Florida.

Yes, but: In this low-inventory market, sellers are still on top. Those who've been in their homes for a long time can make a profit, per Redfin.

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