We'll be discussing the latest Chicago real estate market trends. The Chicago housing market recorded positive month-to-month and year-over-year increases in both prices and sales, reversing two months of declines in sales, a great sign that the market is bouncing back from the COVID-19 pandemic. In the Chicago Metro Housing Market, which comprises of the nine counties, home sales (single-family and condominiums) were up 12.0 percent from July 2019 sales. The median price in July was $277,000 in the Chicago Metro Area, an increase of 6.9 percent from $259,000 in July 2019, according to Illinois Realtors.
The city of Chicago saw year-over-year home sales increase 0.6 percent with 2,725 sales in July, compared to 2,708 a year ago. The median price of a home in the city of Chicago in July was $330,000, up 7.5 percent from July 2019. The City of Chicago’s inventory is down 12.0%, from 10,343 homes in July 2019 to 9,104 homes in July 2020. The month’s supply of inventory declined 8.5%, from 4.7 in July 2019 to 4.3 in July 2020.
What are the predictions for the coming months? The median price forecast for Chicago Primary Metropolitan Statistical Area is 7.2% in August, 8.9% in September, and 6.7% in October. The sales forecast for August, September, and October suggests an increase on a yearly basis and a decrease on a monthly basis for both Illinois and the Chicago PMSA (source: Illinois Realtors®).