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®.- 2,061 properties were sold in the City of Chicago in October 2019. This is a 2.2 percent decrease from October 2018.
- The median sales price in the City of Chicago for October 2019 was $275,000, up 1.5 percent from this time last year.
- The City of Chicago saw listings average 80 days on the market until contract, a 1.3 percent increase from 79 days in October 2018.
- Check out the October 2019 FastStats.
STATE OF THE MARKET
- In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
- As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
- “Despite some local political uncertainty, Chicago’s housing market remains active,” Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty, said. “We’re welcoming in a new generation of homebuyers incentivized by rates and sales prices that have grown but remain reasonable. Sellers and buyers alike should be encouraged as we enter the holiday season, and there continue to be opportunities on both ends of the deal. Work with a REALTOR® to price smart and negotiate.”
INVENTORY
- The City of Chicago’s inventory is down 4.1 percent, from 10,016 homes in October 2018 to 9,603 homes in October 2019.
- The month’s supply of inventory declined 2.3 percent, from 4.4 in October 2018 to 4.3 in October 2019.
