Chicago real estate has been booming this year, and all signs point to that trend continuing as we enter the traditionally quieter months of the year. Median sale prices continue to rise, and sellers are clearly catching on.
Rise in new listings for first time in 6 weeks
During the week of October 18, the Chicagoland MRED area experienced the first week-over-week increase in new listings since September, with a 5% increase in the number of new listings compared to the previous week. This was also the first time since June that the number of new listings outpaced the same week the year prior.
More homes are going under contract
It seems that new homes going on the market are getting snatched right up by buyers, because the number of listings that went under contract the week of October 18 increased by 6% compared to the previous week. This also happened the week of October 4, suggesting that there are still plenty of buyers hunting for homes in Chicago’s fall market.
Median Sale Prices continue to outpace last year
As seen throughout 2021, median sale prices remain high compared to last year. While a slight decrease in median sale price has been observed since the busy spring/summer season, median sale prices still hovered at a modest $270-275,000 during the first three weeks of October.
November and December are typically quieter months in real estate as buyers and sellers spend more time with loved ones for the holidays. However, 2021 has proven to be no ordinary year in the Chicago real estate market, and buyers may opt to take advantage of an increase in listings and less competition before the busy 2022 spring market begins.