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®.
- 2,245 properties were sold in the City of Chicago in December 2020. This is an 18.7% increase from December 2019.
- The median sales price in the City of Chicago for December 2020 was $307,500, up 11.6% from this time last year.
- The City of Chicago saw listings average 76 days on the market until contract, a 21.6% decrease from December 2019.
STATE OF THE MARKET
- December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
- With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
- “December created great opportunities for buyers and sellers. All signs are pointing to a robust January, and now is not the time to let off the gas,” Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty, said. “With sales prices up 11.4% and interest rates still low, buyers who are on the fence should be encouraged to make their move. Prospective sellers with home prices aligned with market needs should be encouraged to sell, with days on the market down 19.1%.”
- The City of Chicago’s inventory is up 1.5%, from 7,575 homes in December 2019 to 7,692 homes in December 2020.
- The month’s supply of inventory decreased 2.9%, from 3.5 in December 2019 to 3.4 in December 2020.