January 2021 Chicago Market Snapshot
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.
- 1,684 properties were sold in Chicago in January 2021. This is a 15.1 % increase from January 2020.
- The median sales price of all properties sold in Chicago in January was $310,000, an increase of 15.9% over January 2020
- The average time on the market was 85 days, a 16.7% decrease from January 2020
State of the market
- The new year started off strong for the housing market, with increased buyer demand and strong market fundamentals. As we can see form the snapshot numbers, buyer demand was up, prices were up and inventory was down.
- This trend continued into February and predictions are for a strong spring market, with clear advantages for sellers.
- Some city center locations still have an over supply of condos for sale and prices are flat. With inventory tight in other areas and prices high, some buyers will come back to the city and take advantage of favorable buyer conditions.
- The city of Chicago's housing inventory is down 0.2%, from 7,782 homes in January 2020 to 7,763 homes this year.
- The supply of inventory decreased 2.9%, from 3.5 months in January 2020 to 3.4 months in January this year.
Here are the market stats for select Chicago neighborhoods for January 2021, as reported by the Chicago Association of Realtors
- Lincoln Square
- Lake View
- North Center
- Lincoln Park
- Logan Square Loop
- Near North Side
- Near South Side
- Near West Side
- West Town
Posted by Andreas Holder on