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®.
- 3,300 properties were sold in the City of Chicago in July 2021. This is an 18.2% increase from July 2020.
- The median sales price in the City of Chicago for July 2021 was $345,000, up 5.3% from this time last year.
- The City of Chicago saw listings average 58 days on the market until contract, a 15.9% decrease from July 2020.
- Check out the July 2021 FastStats.
STATE OF THE MARKET
- The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
- The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
- The City of Chicago’s inventory is down 8.7%, from 9,677 homes in July 2020 to 8,834 homes in July 2021.
- The month’s supply of inventory decreased 31.9%, from 4.7 in July 2020 to 3.2 in July 2021.