It is now June 2020, and summertime is in full swing. As full as it can be in this pandemic environment, anyway. Last month, we saw that home prices were slightly dropping, while sellers were slowly starting to put more homes up for sale. Here are the monthly real estate stats for June 2020.
The number of new listings in June was 5,530, which is up from last month. Normally, this time of year you see an increase in new homes for sale because of the summer. However, because of the COVID-19 crisis, sellers have been holding on to their homes. The fact that the number of new homes for sale is increasing is encouraging, especially compared to the huge drop in new homes we saw during March and April.
The average sales price for homes in Chicago is around 298,000, which is slightly down from last month. The difference isn’t very noticeable, but once again it is something to keep an eye on. The most likely cause of this is that more homes are coming on the market. Prices tend to go down when there are more homes to choose from (which is a very good thing for those looking to buy).
The average time a home stayed on the market in June was 85 days, slightly higher than 83 days in May. With more homes coming onto the market, I’m not surprised that it is taking homes a little longer to sell than before. Buyers simply now have more to choose from.
Based on the numbers in June, I would definitely say that the market is now more in favor for buyers. Right now, they now have more selection of homes to choose from, without the price increase that normally comes with the summer market. Feel free to reach out to me with any questions or concerns through Baileyacresproperties.com, or my email Robbailey27@gmail.com.
Also, feel free to let me know if you want me to give you the stats of your neighborhood!