Market Snapshot - City of Chicago - May 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.
- 3,403 homes were sold in Chicago in May 2021. This was 100.1% increase from May 2020!
- The median sales price of every home sold in May was $350,000, and increase of almost 12% over May last year.
- Time on market was 72 days, a 13.3% decrease from the same time last year.
State of the market
- The spring market is back at pre-pandemic levels and does not show any signs of cooling nationwide. Chicago is no exception, as inventory in many areas is tight and prices are moving up. Strong buyer demand, fueled by low mortgage interest rates, continues to outpace new supply. Buyer activity is finally picking up in Chicago's Near North area, which has seen an oversupply of homes for the past 18 months.
- New construction developments or recently renovated homes are in highest demand. Buyers are looking for homes that are in perfect move-in condition, preferably new construction or homes with new kitchen and baths. Outdoor spaces continue to be very popular features, especially in central city locations, where outdoor space is often limited.
- The city of Chicago's inventory is down 4.2%, from 8,317 homes last May to 7,965 homes in May this year.
- The supply of inventory decreased 31%, from 4.2 months in May 2020 to 2.9 months in May 2021, indicating a market that's favorable for sellers.
Click on the links below to see the market statistics for Chicago neighborhoods
- Lincoln Square
- North Center
- Logan Square
- Lincoln Park
- West Town
- Near North Side
- Near West Side
- The Loop
- Near South Side