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®.- 2,041 properties were sold in the City of Chicago in June 2020. This is a 28.4% decrease from June 2019.
- The median sales price in the City of Chicago for June 2020 was $327,500, up 2.7% from this time last year.
- The City of Chicago saw listings average 83 days on the market until contract, a 22.1% increase from June 2019.
- Check out the June 2020 FastStats.
STATE OF THE MARKET
- While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.
- While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season. Click here to see national and state showing activity trends.
- “As we began the reopening process of our city in June, we saw the market respond accordingly,” Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty, said. “Although there was a 29.1% decline in sales, it was a big improvement from May, and prices continue to hold steady. The 20.2% decline in inventory definitely plays into these sales declines, as more options lead to more opportunities for homebuyers.”
INVENTORY
- The City of Chicago’s inventory is down 19.7%, from 10,209 homes in June 2019 to 8,200 homes in June 2020.
- The month’s supply of inventory declined 13.0%, from 4.6 in June 2019 to 4.0 in June 2020.
