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®.
While the effect of COVID-19 is varied throughout the region, we are likely to see impacts on housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities.
March 2020 indicators have been published by the Chicago Association of REALTORS®. The results are mixed in that while New Listings and Inventory is down, Median Sales Price continued to increase. April 2020 will be the first full month to reflect the impact of COVID-19.
Key Indicators:
- New Listings are down 22% from March 2019.
- 2,097 properties sold in March 2020, a 1.7% increase from March 2019.
- Median Sales Price is $320,000, an increase of 10.1% from March 2019.
- Inventory is down 12.7%, from 8,840 properties in March 2019 to 7,1717 properties in March 2020.
ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.
For guidance on how changing market trends impacts your prospective property sale or purchase, contact Damian Albert at 312.342.8422 and [email protected]