HERE IS YOUR JUNE 2021 MARKET update!
MARKET SNAPSHOT - CITY OF CHICAGO
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.
- 3,839 homes were sold in Chicago inJune of 2021. This is an increase of 85.4% from June 2020!
- The median sales price was $350,500, an increase of 6.9% over the same time last year
- Average time on the market was 59 days, a 28.9% decrease from June 2020
STATE OF THE MARKET
- The US housing market continues along at a frenzied pace, with low interest rates and low inventory leading to record high sales prices. The Chicago market mirrors the national trend, with the median sales price exceeding $350,000 and inventories continue being low.
- The one exception in the city of Chicago is the Near North Side, where prices for single family homes and condominium units over $450,000, reached their lowest level in January 2021 in 12 months. As demand started to increase in May 2021, prices are slowly increasing. Inventory of unsold condos is still high and buying conditions are favorable, which makes it a great time to purchase a home in some of the city's best neighborhoods.
- The inventory city wide is down 4.6% from 8,788 homes in June 2020 to 8,383 homes in June 2021
- The supply of inventory decreased 29.5%, from 4.4 months in June 2020 to 3.1 months in June 2021
Here are the statistics by Chicago neighborhood
- Lincoln Square
- Lake View
- North Center
- Lincoln Park
- Logan Square
- West Town
- Near North Side
- The Loop
- Near West Side
- Near South Side
Posted by Andreas Holder on