As Illinois continues to make progress against COVID-19, experts are finding that the housing market in the Chicagoland area is seeing positive gains as well. A recent MRED report released on July 20, 2020 showed a 3% weekly gain in homes under contract, with an impressive 59% gain as compared to the same week last year.
Source: MRED
Closed sales saw a 22.6% increase over the previous week, as well. With closed sales down just 5% from 2019, this gain demonstrates a strong housing marketing in the Chicago and surrounding suburbs.
Source: MRED
Source: MRED
The median sale price also jumped a whopping 6.5% from the previous week, demonstrating that the demand for housing continues to fuel Chicagoland real estate despite the current coronavirus pandemic. Driven by historically low interest rates, buyers are flooding the market in search of their perfect home. When combined with the area’s low inventory, many sellers are fielding multiple competitive offers, and are often able to sell their homes above asking price.
