Chicago Real Estate Market Update November 2019

Posted by Andreas Holder on Monday, January 13th, 2020 at 1:59pm.

 

Christmas Tree in Benjamin Marshall Building

Market Snapshot - City of Chicago

The City of Chicago Market Snapshot represents the residential real estate activity in the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors. 

 

  • In November 2019, there were 1,660 residential properties sold in Chicago. This was a 10.3% decrease from November 2018.
  • The median sales price of all these properties sold was $270,000, an increase of 3.1% of the same time the previous year 
  • Average days on the market from listing to contract was 80 days, the same as in November 2018

State of the Market

  • In November, the Federal Reserve Bank reduced its benchmark rates for the third time in 2019. This action came as no surprise. Mortgage rates stayed steady and were down about 1% compared to November 2018. Residential new construction continued to raise nationally. 
  • While many economic signs still indicate a strong market, total household debt has been rising for more than five consecutive years and in November was $1.3 trillion higher than at its previous peak of $12.68 trillion in 2008. Delinquency rates remain low across mortgage lending, but higher consumer debt levels could limit future household spending and increase the risk of a slowing economy. 

Inventory

  • The inventory of housing units in the city of Chicago was down 6.6%, from 9,091 homes in November 2018  to 8,487 homes in November 2019

Here are the November 2019 stats by neighborhood:

Near North Side

Lincoln Park

LakeView

Lincoln Square

Loop

 

Logan Square

Near West Side

Near South Side

North Center

Uptown

West Town

Edgewater

 

 

 

 

 

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.
Learn more about Andreas or start your home search now.

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