Market Snapshot - City of Chicago October 2021
The city of Chicago market update represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors.
- 2,446 homes were sold in Chicago in October 2021. This is a 4.8% decrease from October 2020
- The median sales price of all properties sold in Chicago was $312,250, a 0.9% decrease from the same time last year
- On average, listings stayed on the market for 67 days until contract, a 3.1% increase from last year
State of the Market
- Sales remained strong throughout the fall. The numbers were almost on the level of last year, which was good news. Last year's fall season was uncommonly strong due the fall out earlier in the year because of the pandemic.
- After a brief dip over the Labor Day holiday, showings for properties on the market were up again and surpassed the activity of the pre-pandemic 2019. This is sign that the housing market continues to be strong until the end of the year.
- The city's inventory is down by 24.3% , from 11,107 units last October to 8,408 homes this year
- The supply of inventory time decreased 39.2% from 5.1 months in October 2020 to 3.1 months this year
- The inventory numbers show that the surplus of inventory of last year has largely been absorbed
- Prices will go up and the market is more favorable to sellers than buyers
Check out the market trends by Chicago neighborhood:
- Near South Side
- West Town
- North Center
- Near West Side
- Lake View
- Near North Side
- Logan Square
- Lincoln Square
- Lincoln Park
Posted by Andreas Holder on