Lincoln PArk


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. All information in this market snapshot according to the Chicago Association of Relators)

  • 2,365 properties were sold in Chicago in November 2021. This was a 17.2% increase from November 2020
  • The median sales price of all homes sold in November was $328,000; an 11.2% increase from November 2020
  • Market time from contract to closing was an average of 66 days; a 1.5% increase from November last year
State of the market
  • As the economy continued to improve and unemployment falling, the U.S. real estate market remained strong as we headed into the holiday season. Although not as frenetic as at during the summer, buyer demand remained high, bolstered by low mortgage rates and low housing inventory
  • Chicago's Near North Side market continued its recovery from the 2020 fallout. The downtown condo market still has high inventory mostly of older units that are in need of updating. 
  • New condo construction and recently renovated units remained very popular with buyers
Inventory
  • The city's housing inventory was down 17.2% , from 9,985 homes in November 2020 to 7,266 homes in November 2021
  • The supply of inventory decreased 43.5%, from 4.6 months in November 2020 to 2.6 months this year, indicating a market that is favorable to sellers

November 2021 market stats

Market Statistics by Chicago Neighborhood

Click on the neighborhood names to see the details of the November real estate market in that area

Posted by Andreas Holder on

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