The median sales price in the City of Chicago for June 2020 was $327,500, up 2.7% from this time last year. “As we began the reopening process of our city in June, we saw the market respond accordingly,” Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty, said. While much of the country was working on a phased reopening of the economy in June, real estate activity continued to … Gary Lucido is the President of Lucid Realty, the Chicago area's full service real estate brokerage that offers home buyer rebates and discount commissions. By Gary Lucido, July 7, 2020 at 3:15 pm The Chicago real estate market is … I had to make a call on when the season really began this year and determined that it started sometime in the first half of June. Home sales were up 10.6% from last year but, frankly, I expected more, given that … However, as you know, this year's "season" got pushed back because of the pandemic. By Gary Lucido, June 9, 2020 at 10:13 am May home sales in Chicago fell by the largest percentage ever When I did my last monthly update on the Chicago real estate market I told you it … ©2020 CTMG - A Chicago Tribune website - Yeah, my monthly updates (I'm posting one on Monday) look at the average market times and sometimes I look at the medians also. The 20.2% decline in inventory definitely plays into these sales declines, as more options lead to more opportunities for homebuyers.”. So those are not real cancellations. Every year I like to take a look at how fast homes are selling in Chicago's real estate market at a more detailed level. The median sales price in the City of Chicago for June 2020 was $327,500, up 2.7% from this time last year. This is a 28.4% decrease from June 2019. Last year it was 36% selling within 30 days. The Chicago real estate market isn't any slower or faster than last year. 430 North Michigan Ave. Suite 800 Chicago, IL 60611, The Chicago Association of REALTORS® Foundation, Chicago Association of REALTORS® Vigorously Opposed Property Tax Hike and FY’21 Budget which Passed the City Council on Tuesday, November 24, 2020, NAR Code of Ethics Change Regarding Hate Speech: What You Need To Know, Congratulations to Jim Kinney on Achieving REALTOR® Emeritus Status, CAR’s CEO Michelle Mills Clement Named One of Connect CRE’s 2020 Women in Real Estate, NAR Launches New Fair Housing Simulation Training. However, there are limitations to that analysis - the main one being that it only looks at homes that actually sold. 5.2% of the listings got pulled from the market in those same two weeks - just a little bit more than last year. I then tracked their ultimate fates from their list dates until yesterday and plotted the results over time in the graph below. The City of Chicago’s inventory is down 19.7%, from 10,209 homes in June 2019 to 8,200 homes in June 2020. The City of Chicago saw listings average 83 days on the market until contract, a 22.1% increase from June 2019. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season. *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®. Every year I like to take a look at how fast homes are selling in Chicago's real estate market at a more detailed level. Crafted by the, About Getting Real – The Definitive Chicago Real Estate Blog, Chicago Neighborhoods With The Highest Home Price Gains In 2020 », Case Shiller: Chicago Area Home Prices Highest Gains In 3 1/2 Years », That Cook County Covid Adjusted Property Tax Value Won't Save You Much », Chicago Foreclosure Activity Stalled While We Wait For Dam To Break », Another Seller Loses Their Ass On $25 MM Villa Taj In Burr Ridge », Chicago monthly real estate market update, Chicago Week in Craft Beer, November 30-December 3. At the end of 30 days just under 39% have gone under contract and a little bit more than 15% have been pulled from the market. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Filed under: The Chicago-area housing market is slowly improving, after the coronavirus sent purchases plummeting in mid-March after what had been a strong start to the year.. Real Estate in Chicago (and The Joffrey Ballet) Carry On! Please be sure to verify your email address when you receive the verification notice. The Chicago real estate market isn't any slower or faster than last year. The company provides full service, while discounting commissions for sellers and giving buyers rebates. Most recent post: Real Estate in Chicago (and The Joffrey Ballet) Carry On! Chicago real estate, market conditions. ... Chicago Real Estate Report - The best source in Chicago for exclusive commercial real estate news. That's when the recovery in contract activity was well underway. Now, keep in mind that the number of listings that expire or get cancelled is overstated and the number of homes for sale is understated because realtors routinely cancel listings and then relist them to get new attention from buyers. This year the medians are down pretty substantially from last year. our bloggers, While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. The month’s supply of inventory declined 13.0%, from 4.6 in June 2019 to 4.0 in June 2020. While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. The most current Chicago real estate market trends and forecasts for 2020, updated monthly and broken down to reveal what it means for home buyers or sellers. Normally, I would look at homes listed at the beginning of the season and publish this analysis in August. Because I started looking at a later time period this analysis only looks out 156 days or a little over 5 months. Chicago real estate, Market conditions, Tags: 28% of listed homes sold within the first 2 weeks. Well, August wasn’t too bad for the Chicago real estate market. So the Chicago real estate market is only slightly faster than last year. Every year I like to take a look at how fast homes are selling in Chicago's real estate market at a more detailed level. To help you out with your real estate market analysis and property search, we will show you next the 3 best neighborhoods in Chicago for traditional, long term rentals as vacation rentals are not a viable option at this point. Meet CBRE, which employs 1,500 people in Chicago, is one of the largest real estate services firms in the area. That being said, it is one of the few cities in the nation where housing prices still haven’t risen above their 2006 levels. Has Los Angles County traded freedom for safety? The City of Chicago saw listings average 83 days on the market until contract, a 22.1% increase from June 2019. pitch your blog idea.