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®.- 1,679 properties were sold in the City of Chicago in May 2020. This is a 43.1% decrease from May 2019.
- The median sales price in the City of Chicago for May 2020 was $312,500, down 0.8% from this time last year.
- The City of Chicago saw listings average 83 days on the market until contract, a 13.7% increase from May 2019.
- Check out the May 2020 FastStats.
STATE OF THE MARKET
- While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
- Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.
INVENTORY
- The City of Chicago’s inventory is down 22.1%, from 10,022 homes in May 2019 to 7,811 homes in May 2020.
- The month’s supply of inventory declined 15.2%, from 4.6 in May 2019 to 3.9 in May 2020.