July is normally one of the hottest months in the real estate. However, with restrictions starting to pick up across the U.S. due to increased cases if COVID-19, lets see how the market in July has fared.
The number of new homes for sale in Chicago was 6,475, which is a nice increase from 5,530 last month. This is a good sign for the market, showing that sellers aren’t as concerned about the market as they were earlier. Many sellers were afraid to put their homes up for sale, but now it seems like more are jumping into the market hoping to take advantage of the hot summer market.
The average sales price in Chicago for July was 300,000, which is up from 299,000 In June. This is also a considerable increase when compared to July of last year, when the average price was $290,000. This stat combined with the number of new listings on the market signify to me that sellers and buyers may be more active in the market to make up for time lost in previous months. Even with the increase in listings, the prices are still increasing, which means that there is still not enough homes to meet the number of buyers seeking to purchase a home.
The average time a home was on the market in July was 69 days, which is a huge decrease from 85 days in June. Bottom line, homes sold much faster in July than in previous months. This is further proof that there are not enough homes on the market to meet the buyer demand. Considering that interest rates are at an all time low, it doesn’t surprise me that buyer demand is so high.
If you have any questions for me, or are looking to buy or sell a home, please feel free to reach out to me at baileyacresproperties.com. Thanks and have a great day!