As the summer real estate market starts to wind down, there is still a ton of activity going on. Will fall coming around the corner, here are the real estate market stats for Chicago in August 2020.
The average sale price in Chicago for August was for slightly over $305,000, a nice increase from $300,000 last month. This shows that the demand for homes is still pretty high. There are more buyer’s looking for homes then there are homes for sell. With the competition for homes so high, the homes that are for sale are able to increase their price.
The number of new homes for sale in Chicago was 6,407, which is a slight decrease from 6,475 in July. A decrease is actually pretty typical from July to August, as June & July are historically the most active months for real estate. However, the number of new homes for sale is a large increase when compared to August 2019, when only 4,770. With home prices increasing because of the low inventory, more sellers are starting to take advantage by putting their homes up for sale.
The average market time for a home for sale in Chicago was 70 days, which is pretty much the same as last month, which was 69 days. So far, the market is still steady, with homes selling as a pretty fast rate. The market time is also the same as it was last year in August, so this shows that the real estate market is still strong, even with everything that is going on.
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