How's the Market? On this page, you will find an executive summary of weekly market trends. 

Current statistics are for condominiums and townhomes in the Near North area of Chicago. This includes the Gold Coast, Streeterville, River North and Mag Mile. 

Week of January 15, 2018

  • The median list price for zip code 60610 for condos and townhomes this week is $550,000.
  • Inventory has been lightening lately and the Market Action Index has been trending up. Even though days on the market is increasing, these are mildly positive indications for the market.
  • The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller's Market condition. Below 30, conditions favor the buyer. For the week, the index is at 18, which means strong Buyer's Market.  

Supply and Demand:

  • Home sales have begun exceeding new inventory. This is a buyer's market so prices are not yet moving higher as excess inventory is consumed. 
  • If the trend continues and we are moving into a seller's market, we may see prices increase. 

Price:

  • While the median price has not moved in the last few weeks, we are relatively close to the market's high end. 
  • Should the Market Action Index continue to shift downwards over time, buyer's market conditions may intensify 

 

 

 

 

 

29D at night

Overview 

 

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 information reported by the Chicago Association of REALTORS.

  • 2,041 properties were sold in Chicago in June 2020. This is a 28.4% decrease from June 2019
  • The median sales price of all properties sold in Chicago in June was $327,500, a 2.7% increase from last year
  • Listings stayed on the market an average of 83 days, a 22.1% increase from last June

State of the Market

  • Many states, including Illinois, were working on reopening the economy in June. This started to strengthen the real estate activity.  June…

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According to a recent article by Nicole Friedman in the Wall Street Journal, home prices across the nation continued to accelerate in April while sales dropped sharply among a limited amount of homes for sales in many markets. 

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the US, rose 4.7% in the year that ended in April, up from 4.6% annual rate the prior month. 

Sales of previously owned homes, which make up the bulk of the housing market, dropped 17.8% in April from a month earlier as the coronavirus pandemic shut down business activity in many parts of the country, according to the National Association of Realtors. 

Home buyers have been enticed…

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Overview

All information and statistics per Chicago Association of Realtors

(The City of Chicago market updates include the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors)

  • In May, 1,679 residential properties were sold in Chicago. This was a 43% decrease from May 2019
  • The median sales price of all properties sold in the city was $312,500, a slight decrease of 0.8% from May 2019
  • Listings stayed on the market an average of 83 days, a 13.7% increase from May 2019

State of the Market

While the effects of COVID-19 continue to affect the economy as a whole, real estate activity is beginning to recover in most of the country and especially…

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Spring in Lincoln Park

 

Overview

Market Snapshot City of Chicago April 2020

All information and statistics supplied by the Chicago Association of Realtors

(The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago communities as provided by the Chicago Association of REALTORS)

  • 2,039 properties were sold in Chicago in April 2020. This is a 21.4% decrease from April 2019
  • The median sales price of all sold properties was $338,500, up 9.2% from April 2019
  • Listings stayed on the market an average of 81 days until contract, a 3.6% decrease from last year

State Of the Market

  • While the stock market recovered from its biggest loss in March, the effects of COVID-19 continue to…

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Overview

 

Market Snapshot City of Chicago

(The city of Chicago market snapshot represents the real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors)

  • 2,097 properties were sold in Chicago in March 2020. This is a 1.7% increase from March 2019.
  • The median sales price in Chicago for March 2020 was $320,000, up 10.1% compared to the same period last year
  • Listings stayed on the market an average of 105 days until contract,  a 2.9% increase from March 2019

State of the Market

  • As COVID-19' impact spread across the country in March, the stock market decline that had started in February, continued downward before recovering a bit towards the end of the…

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Overview

After hitting a record low in the last week of February, mortgage rates on a 30 year fixed mortgage rose slightly this week, according to Freddie Mac. You may ask yourself why this happened, considering that the Fed lowered the prime lending rate to practically zero. Apparently, a combination of an increase of rates in the bond market and an increased demand for refinancing contributed to the increase. Meanwhile, the continued spread of COVID-19 is changing the way real estate business is conducted. Even though real estate is listed as an "essential business" under the Governor's shelter-in-place order, agents must follow the CDC guidelines as public health must be the highest priority. Therefore, no open houses should be held and private…

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August 2019 Home Sales Updates for Chicago Neighborhoods

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Recent mortgage rate declines are a positive sign in the slowing housing market in the city of Chicago. Buyers have a bit more buying power and which gives them a little more incentive to lock in a home purchase in the fall market. On the other hand, stock market volatility and general uncertainty about the economic slowdown may temper buyer enthusiasm. Sellers need to be aware of these facts when pricing their properties for a competitive listing. As rents continue to rise, the value proposition of owning a home remains a compelling option for most people. 

Let's look at how the market is reacting to the conditions in different Chicago neighborhoods

Gold Coast, River North,…

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July 2019 Housing Sales Statistics For Select Chicago Neighborhoods

 

Welcome back to our Chicago neighborhood market report after the summer break!

How is the market? According to Tommy Choi, president of the Chicago Association of Realtors, "the market is in a stabilizing period. Days on the market remain low and prices are steady, so inventory is moving and demand is there. We expect this to continue, particularly in the heels of the Federal Reserve's rate cut."

Let's look at mortgage rates a bit more closely. Rates have continually fallen through 2019 to date and are at their lowest level in many years. At the same time, home price appreciation is slowing. Historically, these conditions meant an increase in home buying activity. This…

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Here are the March 2019 sales statistics for Chicago neighborhoods

Chicago in April

New listings finally started to perk up last week across the nation and in Chicago, effectively launching residential real estate into the springtime selling season. There has been a lot of talk about the slow start of new homes for sale in what was expected to be a year of increasing inventory. Mother Nature has had different plans in several markets, and in particular in the Chicago region, where another burst of winter weather in April may have spoiled an otherwise promising start to the second quarter of 2019. 

Here's a look at some Chicago neighborhoods and how the market is doing so far this year. 

Gold Coast, River North, Streeterville and Magnificent Mile

Compared…

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Your latest Chicago Neighborhood Report

 

In January, the unemployment rate rose 4%, the highest jump in seven months. In the long run, this may not be of much significance, as other economic factors are showing continued growth in the job force, including 100 straight months of employment gains. The construction sector had its best month of employment since last February. With the Fed apparently holding off on further rate increases, 2019 is beginning favorably for local residential real estate. 

The cold Weather in February has stalled some buying and selling actions. Even so, economic fundamentals remain positive for a robust housing market. 

Let's look at how the market performed in the different Chicago neighborhoods. 

Gold Coast,…

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