Monthly Indicators A RESEARCH TOOL REFLECTING RESIDENTIAL REAL ESTATE ACTIVITY WITHIN THE 77 OFFICIALLY DEFINED CHICAGO COMMUNITY AREAS PROVIDED BY THE CHICAGO ASSOCIATION OF REALTORSÂŽ
April 2020
Quick Facts
While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly. New Listings in the City of Chicago were down 49.7 percent for detached homes and 56.0 percent for attached properties. Listings Under Contract decreased 39.6 percent for detached homes and 58.5 percent for attached properties. The Median Sales Price was up 15.7 percent to $288,000 for detached homes and 6.6 percent to $365,000 for attached properties. Months Supply of Inventory decreased 20.3 percent for detached units and 7.0 percent for attached units. While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.
- 21.4%
- 19.1%
+ 9.2%
1-Year Change in Closed Sales All Properties
1-Year Change in Homes for Sale All Properties
1-Year Change in Median Sales Price All Properties
Detached Single-Family Overview
2
Attached Single-Family Overview
3
New Listings
4
Closed Sales
5
Under Contract (contingent and pending)
6
Median Sales Price
7
Average Sales Price
8
Average List Price
9
Percent of Original List Price Received
10
Housing Affordability Index
11
Market Time
12
Months Supply of Inventory
13
Inventory of Homes for Sale
14
All Properties Market Overview
15
Current as of May 14, 2020. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report Š 2020 ShowingTime.