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®.
- 1,446 properties were sold in the City of Chicago in January 2020. This is a 7.3% increase from January 2019.
- The median sales price in the City of Chicago for January 2020 was $267,500, up 4.9% from this time last year.
- The City of Chicago saw listings average 102 days on the market until contract, a 2.0% increase from January 2019.
- Check out the January 2020 FastStats.
STATE OF THE MARKET
- For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
- We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.
INVENTORY
- The City of Chicago’s inventory is down 6.4%, from 7,683 homes in January 2019 to 7,192 homes in January 2020.
- The month’s supply of inventory declined 5.9%, from 3.4 in January 2019 to 3.2 in January 2020.