Real Estate in Chicago

Real Estate Terms — Chicago Buyers Should Know

MLS (Multiple Listing Service)

A database used by real estate brokers to share active property listings. Listings on Mirror Real Estate that include an MLS number are sourced from a regional MLS feed.

Median price

The middle price point in a city's active listings. Half the listings are priced above, half below. More representative than the average because it isn't skewed by a few very expensive or very cheap properties.

Days on market (DOM)

The number of days a property has been actively listed for sale. A low DOM typically indicates strong demand; a high DOM may indicate overpricing or weaker demand.

Price per square foot

Listing price divided by interior square footage. Useful for comparing properties of different sizes in the same neighborhood, though it ignores lot size, finish quality, and condition.

Active listing

A property currently for sale or rent and visible to buyers. On Mirror Real Estate, active listings exclude expired, withdrawn, sold, and rented properties.

New construction

A home that has been built recently and not previously occupied, or one being sold by the original builder. Often includes builder warranties and customization options.