Chicago’s Housing Market Continues to Set Records

Sale Prices, Signed Contracts and Closings are on the Rise

The latest figures from Midwest Real Estate Data, the region’s leading MLS service provider, make it clear that the unprecedented strength of the local housing market shows no signs of abating. Indeed, the 7-day period ending May 3, 2021 was the second time in a month that closed listings reached their highest point of the year. The 3,849 listings that closed that week marked a 48% jump over the week prior and was more than all but two individual weeks in 2020.

4,500+ Homes Under Contract Every Week
Taking a look at the number of listings newly under contract paints a similar picture, with the most recent week’s figure of 4,818 representing a nearly 70% increase over the same period last year. The upward trend that emerged with the start of the year continues as we see an amazing eight consecutive weeks with more than 4,500 listings going under contract.

No Drop-Off in New Listings
The number of new homes hitting the market each week also remains high, an excellent indication that consumer confidence remains high. Indeed, the 7-day period ending May 3, 2021 saw 7,614 new listings added; this was a 28% jump over the same time last year and the seventh week in a row with new listings outpacing 2020.

Closing Prices Remain High
Another indication of the market’s continued strength is that prices continue to grow – even as we witness an increase in new inventory. Looking again at this most recent week for which we have data, we see that buyer demand continues to keep purchase prices well above last year. This marked upward trend hit another peak with the average sales price again showing a year-over-year increase of more than 20%. And growing by more than 24% since just the start of 2021, this most-recent average sold price of $361,770 is the second-highest of the year.

Recapping These Trends
There truly are no losers in this current real estate market where the mantra might well be More is More: More homes, more contracts, and more sales. Sellers are seeing their investments pay off with the continued growth in prices, and buyers are taking advantage of the increasing inventory while still benefitting from very attractive mortgage rates.

Source: MRED