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®.
- 1,993 properties were sold in the City of Chicago in November 2020. This is a 19.3% increase from November 2019.
- The median sales price in the City of Chicago for November 2020 was $295,000, up 9.3% from this time last year.
- The City of Chicago saw listings average 65 days on the market until contract, an 18.8% decrease from November 2019.
- Check out the November 2020 FastStats.
STATE OF THE MARKET
- November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
- Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
- “The November data is showing supply and demand at work in the city of Chicago,” Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services of Coldwell Banker Realty, said. “As each of our 77 neighborhoods is performing differently, low inventory across some neighborhoods is causing prices to rise and market time to decline; those shopping for a home right now are focused. The 17.6% increase in closed sales compared to last November demonstrates that the city remains desirable, and properties of all types are moving in the market.”
- The City of Chicago’s inventory is up 4.3%, from 9,044 homes in November 2019 to 9,433 homes in November 2020.
- The month’s supply of inventory increased 4.9%, from 4.1 in November 2019 to 4.3 in November 2020.