Get the latest monthly Chicago real estate market update with the trends and all the details too.
The real estate market across the country is thriving and so is the job market as detailed in this article about the employment rate by Danielle Hale, chief economist at the National Association of Realtors. The strength of today’s market is clear.
The highest SFH sale last month was 1856 N Mohawk which closed for $8.1M and there were 4 other homes that sold for over $3M. The average market time appears long, but for both single-family homes and attached homes, 40-50% of the homes are selling in 3 weeks or less. The attached home inventory looks plentiful, but nearly 50% of the ‘active’ listings are in the early stages of a contract and there is are an additional 68 homes with pending sales.
While the SFH average sale price is $1.34M, 40% of the homes that closed last month sold for $900K or less. There are still affordable homes! The average market time is well over 2 months, but half or more of the homes are selling in less than 3 weeks. Inventory supply is similar to 50% of the ‘active’ status listings in the early phase of a contract.
There are 50% more SFH’s available this month and the average market time of 57 days is equally misleading because nearly 70% are selling in 3 weeks or less. 63% of attached homes are selling in less than a week and 65% of the homes that sold last month sold for full price or more.
🔥 64% of the sales selling in 1 week or less and 65% of the ‘active’ status listings for SFH and attached properties under contract.
57 attached homes sold last month with an average sale price of $816K and there are 47 pending sales with an average of 117 days to contract (over a month less than the average market time).
Old Town / Clybourn Corridor
52 attached homes sold last month and 50% of those were under contract in 2 weeks or less – far below the average and 67% of the homes sold for 98% of list or more!
113 attached homes sold last month and there are currently 64 additional pending sales, 37% of the homes sold in 2 weeks or less. The largest sale was a penthouse at Trump Tower that sold for $20M.
75 attached homes sold last month and there are another 148 pending sales. A little more than 1/3 of the ‘active’ status listings are in the early stages of a contract.