Market Snapshot City of Chicago September 2020
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. All data provided by the Chicago Association of Realtors.
- 2,597 properties were sold in Chicago in September 2020. This is a 29.5% increase from September 2019.
- The median sales price of all properties sold in Chicago in September was $323,250, up 10.7% from the same period last year.
- The average time on the market until contract was 65 days, a 15.6% decrease from last year.
State of the Market
- Strong buyer activity has continued onto the fall, as predicted. In past years, this time is usually the beginning of the slowing of the market. With stronger buyer activity (high demand) and continued constraint supply of homes for sale, a competitive market that favors the seller is likely to continue for October and November, and perhaps well into the winter.
- However, sales of downtown condominium properties are still slow, as the market continues to feel the effects of the summer unrests in the city and the new buyer needs of space and openness.
- While mortgage rates remain at record lows, the Mortgage Bankers Association reports that lending standards are tightening. This makes it a bit more difficult for some buyers to qualify. Unemployment also remains substantially higher due to COVID-19, compared to last year. Despite all of this, buyers are out in fill force, at least in those residential areas of the city that mainly have single familyand townhomes.
- The overall inventory in the city is up 3.1%, from 10,462 units in September 2019 to 10,785 homes this year.
- Absorption Rate: The supply of inventory increased 4.2%, from 4.8 months in September 2019 to 5.0 months in September 2020
Neighborhood Market Statistics for September 2020
All residential neighborhoods in the city saw a double or even triple percent growth in new homes for sale and closed sales, while inventory decreased. Prices also increased in most areas in the North, West and South neighborhoods. Only the Near North and Loop areas saw a decrease in closed sales. Click on the neighborhood name for details.
- Lincoln Park
- Lincoln Square
- Logan Square
- Near North Side
- Near South Side
- Near West Side
- North Center
- West Town
Posted by Andreas Holder on