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®.
- 2,365 properties were sold in the City of Chicago in November 2021. This is a 17.2% increase from November 2020.
- The median sales price in the City of Chicago for November 2021 was $328,000, an 11.2% increase from November 2020.
- The City of Chicago saw listings average 66 days on the market until contract, a 1.5% increase from November 2020.
- Check out the November 2021 FastStats.
STATE OF THE MARKET
- The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
- The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
- “Condo sales, in particular, reflect the resiliency of Chicago’s market and the momentum we continue to see,” Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners, said. “Inventory is a point of concern, although it could reflect seasonality coming into play with a holiday season slowdown in listings. Overall, the data demonstrates that Chicago remains a great place to live, work and play.”
- The City of Chicago’s inventory is down 27.2%, from 9,985 homes in November 2020 to 7,266 homes in November 2021.
- The month’s supply of inventory decreased 43.5%, from 4.6 in November 2020 to 2.6 in November 2021.