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 supply of inventory decreased 47.2% for detached homes and increased 32.4% for attached properties. Single family homes were in high demand and their prices increased, whereas condos and co-ops were in low demand, a trend that had been developing for several months now. 

This trend is reflected in the Gold Coast stats above, where the number of attached units far outnumber the amount of single family homes. For buyers looking to buy a condo in the Near North Side, this presents a great opportunity. 

With low mortgage rates and high buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. While certain market segments and areas experience low inventory and create favorable conditions for sellers, the Near North Side is a strong buyers market. People interested in buying a city condo should take advantage of these favorable conditions now. 

Here are the market stats for select city neighborhoods, as reported by the Chicago Association of REALTORS:

 

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