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®.
- 2,544 properties were sold in the City of Chicago in October 2020. This is a 22.1% increase from October 2019.
- The median sales price in the City of Chicago for October 2020 was $315,000, up 14.5% from this time last year.
- The City of Chicago saw listings average 65 days on the market until contract, a 19.8% decrease from October 2019.
- Check out the October 2020 FastStats.
STATE OF THE MARKET
- October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
- Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
- “Demand remains strong, with continued year-over-year increases in closed sales and median sales prices, coupled with a large drop in the days on market. While every neighborhood is reacting differently to the pandemic, overall, single family homes continue to be popular with homebuyers and condos are also keeping pace,” Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services of Coldwell Banker Realty, said. “For those looking to move or sell, these are all signs of a healthy market as we move into the winter months.”
- The City of Chicago’s inventory is up 4.5%, from 10,135 homes in October 2019 to 10,596 homes in October 2020.
- The month’s supply of inventory increased 4.3%, from 4.6 in October 2019 to 4.8 in October 2020.