May 2020 Chicago

Page 1

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

May 2020

Quick Facts

While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May. New Listings in the City of Chicago were down 33.1 percent for detached homes and 28.5 percent for attached properties. Listings Under Contract decreased 8.5 percent for detached homes and 18.9 percent for attached properties. The Median Sales Price was down 2.5 percent to $256,500 for detached homes but was up 2.5 percent to $353,750 for attached properties. Months Supply of Inventory decreased 24.0 percent for detached units and 8.0 percent for attached units. Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.

- 43.1%

- 22.1%

- 0.8%

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 June 14, 2020. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report Š 2020 ShowingTime.


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