Now that we’ve been dealing with COVID-19 pandemic for over 30 days, we can see how the real estate market in Chicago is reacting to this new atmosphere. The prognosis so far is this: real estate is still going strong (although a lot more carefully). Here are the stats for the Chicago real estate market from April ’20.
The Average sales price actually increased in to $298,000 in April, up $3000 from the average price in March. This is also better than the average price this time in 2019, when the average price was $285,000. This average price includes all residential property types, such as single family, condos, and 2-4 unit properties. This is a good sign for the market, as it shows that the demand for homes is still pretty strong in Chicago even during the COVID-19 pandemic.
The average time that properties stay on the market is 86 days, which is about the same as it was in April ’19 (88 days). The average market time tends to drop significantly during the month of April, as the weather warms up and more buyers start to come out looking for homes. The market time is pretty much identical to last year, so the market is still pretty active.
The total number homes for sale has decreased in April 20 to 10,790, compared to last April ‘19’s number of 13,535. This is most likely the result of this COVID-19 pandemic, which has sellers leary of putting their homes on the market. The number of homes for sale tends to increase around this time as the spring and summer months come around. This year did not see the usual spike of homes that come on the market. Since there aren’t as many properties for sale, this means there will be more demand and competition for homes, which could be the reason that prices have increased as well.
Feel free if to reach out to me at baileyacresproperties.com if you have any questions for me, or are looking to buy or sell a home. Thanks and have a great day!