The Chicago area real estate market is continuing to see high demand, setting all new records along the way. MRED data shows that 3,444 properties closed the week of September 14, 2020—a 27% year-over-year increase. This resulted in a staggering 55% jump from the previous week, highlighting the demand for housing across the city and suburbs.
For the first time in a month, Chicago also saw week-over-week increases for homes put under contract, as well as for new residential listings. As experts continue to watch steady upticks in metrics each week, they note that the spike in both under contract and new residential listings for the week of Sept 14 also topped their 2019 counterparts.
Open houses are also on the rise, with nearly 4,000 open houses during the week of Sept 14—the highest quantity in the last three months. Buyers are ready to make moves, and many real estate professionals are finding that low interest rates combined with a housing inventory shortage are placing sellers in an advantageous position.