Chicago Real Estate Market Update April 2020

Posted by Andreas Holder on Monday, May 25th, 2020 at 12:47pm.

Spring in Lincoln Park

 

Overview

Market Snapshot City of Chicago April 2020

All information and statistics supplied by the Chicago Association of Realtors

(The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago communities as provided by the Chicago Association of REALTORS)

  • 2,039 properties were sold in Chicago in April 2020. This is a 21.4% decrease from April 2019
  • The median sales price of all sold properties was $338,500, up 9.2% from April 2019
  • Listings stayed on the market an average of 81 days until contract, a 3.6% decrease from last year

State Of the Market

  • While the stock market recovered from its biggest loss in March, the effects of COVID-19 continue to affect the economy. By the end of April, more than 30 million people had filed for unemployment, since COVID-19 became widespread in the US. In the face of these challenging times, real estate activity has slowed significantly. 
  • While the effects of COVID-19 continue to vary significantly in different parts of the country, it is expected that social distancing, higher unemployment and the overall decline in the economy are likely to constrain real estate activity in the near future. In the meantime, the industry is adapting to the current environment by using technologies such as virtual showings and e-sign procedures to accommodate buyers and sellers to complete their transactions. 
  • Even though closed sales are down more than 20% in April compared with the same time last year, demand is still there. Impacted by lower inventory, the median sales price was up and time on market was down. 

Inventory

  • The inventory of residential units on the market in Chicago was down 19.1% in April 2020, compared to April 2019. There were a total of 7,636 homes for sale
  • The supply of inventory declined from 4.3 months in April 2019 to 3.7 months in April 2020

See the Fast Stats Reports here for several Chicago neighborhoods: 

 

 

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
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