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®.
- 2,764 properties were sold in the City of Chicago in July 2020. This is a 2.1% increase from July 2019.
- The median sales price in the City of Chicago for July 2020 was $329,500, up 7.3% from this time last year.
- The City of Chicago saw listings average 69 days on the market until contract, a 4.5% increase from July 2019.
STATE OF THE MARKET
- Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
- While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market Click here to see national and state showing activity trends
- “In July, we finally saw closed sales and median sales price hold steady from the previous year, a great sign that the market is bouncing back from COVID-19,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “It is clear that homebuyers are still looking for more options, however, as inventory continued to decline by 13.2 percent.”
- The City of Chicago’s inventory is down 12.0%, from 10,343 homes in July 2019 to 9,104 homes in July 2020.
- The month’s supply of inventory declined 8.5%, from 4.7 in July 2019 to 4.3 in July 2020.