State Of The Market
As we were heading into fall in this unusual year, real estate continued to show some surprising trends.
- October continued to be busier than typical for the month. Buyer activity remained higher than normal, while housing supply was lower than one year ago in many areas. New listings in some city neighborhoods still saw multiple offers, keeping housing hot while the temperatures continued to fall. In other areas, especially in city center locations, supply was higher than demand, resulting in higher inventory and longer market time. Median prices have been able to stay strong, which is an indication that sellers are not desperate and are waiting for the market to recover, rather than slashing prices.
- New Listings in the City of Chicago were down 14.2 percent for detached homes but were up 26.2 percent for attached properties. Listings Under Contract increased 31.4 percent for detached homes and 22.2 percent for attached properties.
- This trend continued to create a shortage of single family homes and an oversupply of condominiums and coop apartments. Consequently, the market is behaving different in residential neighborhoods and in city center locations.
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)
- 2,544 properties were sold in Chicago in October 2020. This is a 22.1% increase from October 2019.
- The median sales price in the entire city was $315,000, up 14.5% from last year.
- Average time on market was 65 days from listing to contract, a 19.8% decrease from the same time last year.
- The inventory of available homes for sale is up 4.5%, from 10,135 homes in October 2019 to 10,596 units in October this year.
- The supply of inventory increased from 4.6 months in October last year to 4.8 months in October this year, a 4.3% increase.
Neighborhood Market Statistics for October 2020:
- 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