Real Estate in Chicago (and The Joffrey Ballet) Carry On! *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®. Filed under: Monday-Thursday. Leaks in the White House? Yeah, my monthly updates (I'm posting one on Monday) look at the average market times and sometimes I look at the medians also. 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. 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. 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. Check out the June 2020 FastStats. 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. The City of Chicago saw listings average 83 days on the market until contract, a 22.1% increase from June 2019. If you want to keep up to date on the Chicago real estate market or get an insider's view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. One example of how a wealthy suburban school system is ruining kids, Chicago Star Media's inaugural Streeterville Week set to lift spirits and support local businesses, Gobble Doggs: An Alternative Thanksgiving Turkey for a Weird Year, A little more than 28% of the listings sell within the first two weeks, which is a little faster than. I then tracked their ultimate fates from their list dates until yesterday and plotted the results over time in the graph below. 2,041 properties were sold in the City of Chicago in June 2020. The median sales price in the City of Chicago for June 2020 was $327,500, up 2.7% from this time last year. STATE OF THE MARKET. ©2020 CTMG - A Chicago Tribune website - So the Chicago real estate market is only slightly faster than last year. Meet Most recent post: Living in McKenzie Square Wilmette IL, Chicago Cubs news and comprehensive blog, featuring old school baseball writing combined with the latest statistical trends, Pets available for adoption in the Chicago area. The 20.2% decline in inventory definitely plays into these sales declines, as more options lead to more opportunities for homebuyers.”. 28% of listed homes sold within the first 2 weeks. 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. our bloggers, While much of the country was working on a phased reopening of the economy in June, real estate activity continued to … Home sales were up 10.6% from last year but, frankly, I expected more, given that … The City of Chicago saw listings average 83 days on the market until contract, a 22.1% increase from June 2019. This year the medians are down pretty substantially from last year. Because I started looking at a later time period this analysis only looks out 156 days or a little over 5 months.