How did the Chicago real estate market do in July 2021? 

 


Market Snapshot - City of Chicago July 2021

(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)

  • 3,300 residential properties were sold in Chicago in July. This is an 18.2% increase from July 2020
  • The median sales price of all properties sold was $345,000, an increase of 5.3% over the same period last year
  • New listings stayed on the market for an average of 53 days from list to contract, a 15.9% decrease from July 2020

State of the market

  • Market activity continued to be strong in the city, with increases in both the number of sales and the median sales price. 
  • In the first six months of this year, the market was very strong in the residential areas of the city, but not in Near North, where inventories of unsold homes continued to be high
  • In July, we finally saw a return of activity in Near North (including Gold Coast, Streeterville, Old Town and River North)
  • As businesses and restaurants opened, people flocked back to this vibrant part of Chicago and buyers started to take advantage of the value of properties that had been on the market for a while

Inventory

  • The city's inventory was down by 8.7%, from 9,677 homes in July 2020 to 8,834 homes in July this year
  • The supply of inventory decreased 31.9%, from 4.7 months in July 2020 to 3.2 months this year.  This market clearly indicates a seller's market, with conditions favorable for sellers. 
  • It must be noted that these numbers are for the entire city; there are substantial variations depending on the community area


Here are the market statistics by chicago neighborhood: 


 


Posted by Andreas Holder on

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