MARKET SNAPSHOT — CITY OF CHICAGO
*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.
- 2,597 properties were sold in the City of Chicago in September 2020. This is a 29.5% increase from September 2019.
- The median sales price in the City of Chicago for September 2020 was $323,250, up 10.7% from this time last year.
- The City of Chicago saw listings average 65 days on the market until contract, a 15.6% decrease from September 2019.
STATE OF THE MARKET
- Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
- While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
- “With continued record low interest rates, we’re still seeing an increase in demand on properties as indicated in the 28.1% increase in closed sales and 10.4% increase in median sales price,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services of Coldwell Banker Realty. “Buyers are capitalizing on the market and acting quickly, especially for well-priced properties.”
- The City of Chicago’s inventory is up 3.1%, from 10,462 homes in September 2019 to 10,785 homes in September 2020.
- The month’s supply of inventory increased 4.2%, from 4.8 in September 2019 to 5.0 in September 2020.