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Market Snapshot - City of Chicago July 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. All figures as reported by the Chicago Association of REALTORS.

  • 2,764 residential properties were sold in Chicago in July 2020. This is a 2.1% increase from July 2019
  • The median sales price of all properties sold was $329,500, an increase of 7.3% over July 2019
  • Listings stayed on the market an average of 69 days, an increase of 4.5% from the same time last year. 

State Of The Market

  • Strong buyer demand and constrained supply seem to define the markets for much of the country. Nationally, showing activity in July remained substantially higher than the year before and multiple offer scenarios are a frequent experience in many markets. With the inventory of homes for sale still limited, the market remains competitive for buyers with increased prices. 
  • While the number of initial unemployment claims have been far lower in recent weeks than at their peak in March and April, more than 1 million new claims are still being filed each week and more than 31 million were claiming benefits as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely persistent. With mortgage rates still at record-low levels and mortgage applications up from last year, high buyer activity is expected to continue into the late summer and early fall market.

Inventory

  • The city of Chicago's inventory is down 12% from 10,343 homes in July 2019 to 9,104 homes in July 2020
  • The month's supply of inventory declined 8.5% from 4.7 months in July 2019 to 4.3 months in July 2020

 

Neighborhood Statistics Reports

 

Here are the neighborhood market reports for July 2020 (click on area to see the reports): 

 

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