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®.
- 2,905 properties were sold in the City of Chicago in March 2021. This is a 36.8% increase from March 2020.
- The median sales price in the City of Chicago for March 2021 was $345,000, up 8.2% from this time last year.
- The City of Chicago saw listings average 91 days on the market until contract, a 12.5% decrease from March 2020.
STATE OF THE MARKET
- Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months
- While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.
- The City of Chicago’s inventory is down 11.6%, from 8,516 homes in March 2020 to 7,527 homes in March 2021.
- The month’s supply of inventory decreased 22.5%, from 4.0 in March 2020 to 3.1 in March 2021.