Market Activity December 2020

In December, the residential real estate market in Chicago again showed large variances depending on the city neighborhood. The statistic above for the Gold Coast is consistent with other Near North communities, but does not reflect the market condition of the city as a whole. 

Strong buyer demand across most segments of the market, combined by near record-low interest rates, continued to drive a healthy sales pace, amidst a new wave of COVID-19 infections and a softening job market. 

New listings in the city of Chicago were down 8.9% for detached homes but were up 42.8% for condos and co-ops. Listings under contract were up for all categories. The median sales price was also up from the previous year, Months…

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Constellation


 

As the financial markets reached new highs and mortgage rates new lows, demand for real estate remained strong throughout the nation. In Chicago, continued high demand was seen in the suburbs and in certain residential parts of the city. The downtown market, especially condos in luxury high rises in the Gold Coast. Streeterville, River North, Loop, West Loop and South Loop, showed continued low demand. In that area, we saw a 14 months supply by the end of the year. This indicates a strong buyers market. On a positive note, we saw the average sales prices go up in the last three months of 2020. 

Market Snapshot - City of Chicago

(the city of Chicago market snapshot represents the residential real estate activity within the 77 officially…

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