Market Snapshot City of Chicago August 2020

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

  • 2,840 properties were sold in Chicago in August. This is a 9.2% increase from August 2019
  • The median sales price of all properties sold in the city in August was $335,000, an increase of 15.9% from August 2019
  • The average time on market was 70 days, a 1.4% increase from August 2019

State of the Market

  • The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales were at high levels, while inventory remained limited in many parts of Chicago and the country. This lead to competitive bidding processes in certain areas and price points. With the stock market in continued high territory and mortgage levels at historic lows, this trend is expected to last into the fall and early winter. 
  • As we enter the fall market, we normally expect activity to begin to slow down a bit, as the back-to-school season begins. This year is anything but normal. With uncertainty remaining during the elections and resurgence of Covid cases, the healthy housing demand we see today will likely create a lot of volatility in the near term. 

Inventory

  • The inventory of available homes in the city of Chicago is down 3.1%, from 10,218 units in August 2019 to 9,901 homes in August 2020. 
  • The month's supply of inventory 2.1% from 4.7 months in August 2019 to 4.6 months in August 2019. 

 Neighborhood market reports for August

Click on the neighborhoods below to see the August stats for number of sold units, price, and inventory. 

 

Posted by Andreas Holder on

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