Market Snapshot - City of Chicago - February 2021
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.
- 1,643 properties were sold in Chicago in February 2021 - a 9.9% increase from February 2020
- The median sales price of all Chicago sold properties was $320,000, an increase of over 10% from this time last year
- New listings stayed on the market for an average of 99 days, a 13.2% decrease from February 2020
State Of The Market
- Interest rates went up slightly in February, but are still lower than at the same time last year. According to Freddie Mac, rates may inch up a bit more in the coming weeks, but are expected to remain in the low 3% range for the rest of the year.
- Low inventory and high demand continued in many residential areas in Chicago, driving up prices and reducing market time. Even areas that were hardest hit by political and socio-economic factors last year, saw increased buyer activity. This trend has continued well into March with increased buyer activity.
- The inventory of available homes for sale in Chicago is down 9.7%, from 8,328 homes in February 2020 to 7,523 homes this February.
- The supply time of inventory decreased from 3.8 to 3.3 months, indicating favorable market conditions for home sellers
Let's take a closer look at how the home sales in these select Chicago communities reacted differently to the changed market conditions
- Lincoln Square
- North Center
- Lake View
- Logan Square
- Lincoln Park
- West Town
- Near North Side
- Near West Side
- The Loop
- Near South Side
Posted by Andreas Holder on