In the first week of November, experts are noting that the Chicagoland real estate market is still holding strong. As of November 2, 2020, closed listings reached their third-largest total since the start of May with a 28% week-over-week increase topping 2019’s totals by 20%.
Under contract listings have dipped slightly as compared to the week prior, but are still outperforming 2019 by 36%. It’s important to note that while there may have been a slight decrease in listings under contract, real estate experts are still seeing heavy buyer demand.
Sellers are also seeing a continued uptick in home prices, as both the average sold price and median sold price jump. The median sold price in the Chicagoland area as of October 26, 2020 was $255,000, with the median price reaching $264,000 as of November 2.
Historically, the real estate market sees a slow down as we enter the fall months with buyers and sellers hitting pause on their searches as the holidays approach. This fall appears to be breaking with past trends, as high demand and low interest rates draw more buyers and sellers into the market.Source: MRED