Here are some numbers for Jan 2020. The average sales price in Chicago is slightly down from Nov ’19 to Jan ’20, From 270,000 to roughly 267,500. This signifies that the market right now is simply stable, not a buyer or a seller’s market. In fact, if you look at the past 3 years, the market is performing pretty much the same as in previous years, with lows being in Jan of each year and highs in June/July.
The average time on the market for homes show a similar pattern. The average time on market for a home in Chicago was 100 days, which has been the case for the past few years in the Chicago market. This shows me the demand for housing is still there, meaning people are still looking to buy.
The number of homes for sale in Chicago is slightly lower this Jan than in past years, however. If you combine this with the fact that the demand for homes is still high, this could actually lead to rising prices, because there aren’t as many homes to choose from. Housing inventory is supposed to increase more when the weather warms up, so this is definitely something to keep an eye on.
Feel free to reach out to me with any questions or comments. Also, real estate markets in each Chicago neighborhood can be very different, so let me know if you want any stats on a specific neighborhood. Thanks and have a great day!
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