As the financial markets reached new highs and mortgage rates new lows, demand for real estate remained strong throughout the nation. In Chicago, continued high demand was seen in the suburbs and in certain residential parts of the city. The downtown market, especially condos in luxury high rises in the Gold Coast. Streeterville, River North, Loop, West Loop and South Loop, showed continued low demand. In that area, we saw a 14 months supply by the end of the year. This indicates a strong buyers market. On a positive note, we saw the average sales prices go up in the last three months of 2020.
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)1,993 properties were sold
- 1,993 properties were sold in Chicago in November 2020. This is a 19.3% increase from November 2019.
- The median sales price of all properties sold was $295,000, up 9.3% from 2019
- Listings stayed on the market an average of 63 days, from contract to closing, a decrease of 18.8% from November 2019.
These numbers show that the market was stronger than at the same period a year before. The market was still catching up from a very slow spring due to the pandemic, and buyers took advantage of the low interest rates. All this demand caused inventory to be lower, market time to be shorter and prices to be higher than the previous year. These are the city wide trends. When you take a look at the separate neighborhoods, there are big differences from one area to the other. To get a better understanding of that, you have to look at the micro-markets in each neighborhood.
- The housing inventory in the city was up 4.3% from 9,044 homes in November 2019 to 9,433 homes in 2020.
- The supply of inventory was 4.3 months, citywide. In the downtown area, the supply was over 14 months.
Neighborhood Market Statistics
Now, let's take a look at the differences of the market in select Chicago neighborhoods - there are some big surprises here!
- Lincoln Square
- Lake View
- North Center
- Lincoln Park
- Logan Square
- Near North Side
- West Town
- Near West Side
- Near South Side
Posted by Andreas Holder on