Chicago Real Estate Market Update - June 2020

Posted by Andreas Holder on Friday, July 31st, 2020 at 10:28am.

 

 

29D at night

Overview 

 

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 information reported by the Chicago Association of REALTORS.

  • 2,041 properties were sold in Chicago in June 2020. This is a 28.4% decrease from June 2019
  • The median sales price of all properties sold in Chicago in June was $327,500, a 2.7% increase from last year
  • Listings stayed on the market an average of 83 days, a 22.1% increase from last June

State of the Market

  • Many states, including Illinois, were working on reopening the economy in June. This started to strengthen the real estate activity.  June showing activity, as tracked by ShowingTime, was up notably from the COVID-19 depressed months before. It was also up from June 2019, reflecting increased demand from buyers. 
  • While buyer activity started to increase during the reopening phase, sellers continued to be reluctant to put their homes on the market, resulting in fewer properties being listed than the year before. Until sellers begin to gain confidence, housing inventory will continue to be limited in what is turning out to be an active summer selling season. What we are seeing is a delayed spring selling season combined with the summer season. 

Inventory 

  • The inventory of available homes for sale in Chicago is down 19.7% compared to June 2019. 
  • The duration supply of inventory declined from 4.6 months in 2019 to 4.0 months in 2020, making the market slightly more favorable for sellers than buyers.

 Market snapshot June 2020

Neighborhood Statistics Reports

Click on the links below to learn more about how the market was in June is these neighborhoods:

 

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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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