The month of may was surely an interesting one. Now that we are 2 months into the COVID-19 pandemic, it looks like the panic that once gripped the real estate market is slowly starting to ease. Here are the stats for the Chicago real estate market for May.
The average sales price in Chicago dropped slightly from $299,900 to $290,000 in May. While the drop in price is very small and may not mean anything, it is definitely something to keep an eye on going forward.
The average time on the market was 83 days in Chicago, which is higher than last month’s average of 80 days. This is a sign that buyer demand slowed down in May. This may also be the main reason that home prices dropped slightly. When buyer demand drops, the average sales price tends to follow.
The number of new listings in Chicago had a pretty large increase, from 2,799 homes in April to 4,232 new homes in May. This is actually a pretty encouraging sign for the market in my opinion. Last month, sellers were afraid to put their home on the market over concerns with COVID-19 and the overall uncertainty of the real estate market. Now, it looks like those concerns are starting to fade, and sellers are now comfortable putting their properties back on the market.
This is very good news for buyers. Since the overall number of homes for sale was very low, buyers were having a hard time finding a home. There just wasn’t a lot to chose from. Now that sellers are getting more comfortable with selling their homes, there will be more choices for buyers, which will hopefully make easier to find that perfect property.
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!