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®.
- 2,840 properties were sold in the City of Chicago in August 2020. This is a 9.2% increase from August 2019.
- The median sales price in the City of Chicago for August 2020 was $335,000, up 15.9% from this time last year.
- The City of Chicago saw listings average 70 days on the market until contract, a 1.4% increase from August 2019.
STATE OF THE MARKET
- The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
- As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
- “The Chicago market was hot in August as homebuyers took advantage of record-low mortgage rates,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “The market data reflects this, with significant increases in closed sales and median sales prices, and a drop in inventory, compared to last August. The spike in single family home sales and prices reflects increasing desires for greater space as a result of the ongoing pandemic.”
- The City of Chicago’s inventory is down 3.1%, from 10,218 homes in August 2019 to 9,901 homes in August 2020.
- The month’s supply of inventory declined 2.1%, from 4.7 in August 2019 to 4.6 in August 2020.