With the summer real estate Market in the past, we now get our first look at how the fall real estate market is doing.  Will the market continue to be hot, or will it start to slow down with everything going on?  Here are the stats for the Chicago real estate market for September 2020.

The average sales price for Chicago in September was $310,000, up $5000 from August.  Compare this to the same time last year, where the average price was pretty similar from August to September.  Prices normally slow down or stay the same when the season changes from summer to the fall.  That was not the case this year.  Prices continue to rise, signaling that buyer demand for homes is still pretty strong.

The number of new homes for sale in Chicago was 6410 in September, pretty much identical to last month.  This tells me that there still is not enough new homes on the market, which causes the demand for the homes that are on the market to rise.  Prices should continue to rise as long as the inventory of homes is low and the buyer demand stays the same.

The average time a home stayed on the market in September was 67 days, slightly lower than last month, which was at 70 days.  This shows me that homes are still selling pretty fast.  Buyers seem to be comfortable shopping for homes, and are taking advantage of historically low interest rates.  Until the inventory of homes catches up with the buyer demand, the market will continue to stay a seller’s market due to increasing prices.

Feel free to reach out to me here with any questions or comments.  Thanks and have a great day!

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