This article has been updated to reflect recent changes in the Chicago real estate market due to the coronavirus pandemic. We'll be discussing the latest Chicago housing market trends to find out how they can affect the investors and homebuyers in this crisis. Realtor.com’s Housing Market Recovery Index for the week ending June 13 increased 1.2 points over the previous week, moving up to 90.0, indicating that the housing market has recovered nearly half of its January 2020 levels. Chicago’s housing market Recovery Index score grew 6% compared to the previous week but remained significantly below the January 2020 baseline with a Recovery Index score of 87.3.
In May, there was a sharp decline in closed sales and inventory due to stay at home order. Prices, however, remained steady from last year – a good indicator. The city of Chicago saw year-over-year home sales decrease 43.6 percent with 1,666 sales in May, compared to 2,952 a year ago. The median price of a home in the city of Chicago in May was $315,000, unchanged from May 2019. The Chicago metro area housing market is slowly improving as more homes went into the contract in June as compared to March when the crisis began. Chicago home prices are on the rise due to a very tight supply from the coronavirus crisis and a recent rise in showings. More homebuyers are entering the bidding wars to scoop up their favorite deals.