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®.
- 2,446 properties were sold in the City of Chicago in October 2021. This is a 4.8% decrease from October 2020.
- The median sales price in the City of Chicago for October 2021 was $312,250, a 0.9% decrease from October 2020.
- The City of Chicago saw listings average 67 days on the market until contract, an 3.1% increase from October 2020.
- Check out the October 2021 FastStats.
STATE OF THE MARKET
- The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
- As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
- “Real estate has always had an element of seasonality, and that’s what the data reflects from October: seasonality coming back into play after so much pent up demand over the past year and a half,” Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners, said. “The market remains relatively strong and healthy, even compared to before the pandemic, despite concerns about continued inventory strain.”
- The City of Chicago’s inventory is down 24.3%, from 11,107 homes in October 2020 to 8,408 homes in October 2021.
- The month’s supply of inventory decreased 39.2%, from 5.1 in October 2020 to 3.1 in October 2021.