The Chicago real estate market has been surprisingly stable despite the tumultuous first half of 2020. So far, first-time home buyers are looking at conditions that aren’t too different from a year ago. If anything, the market appears to be moving quicker!
Looking at the statistical days-on-market can tell you a lot about local home demand. Essentially, days-on-market reflect how long it takes for a home to go under contract from the time the listing is made public. The shorter the time frame, the hotter the market.
According to data from the National Association of Realtors©, homes in Cook County spent a median of 49 days on market during the first quarter of 2020. Homes in DuPage County spent 54 days on market. Lake County home sales moved slower at 68 days on market. Given the time of year, this isn’t too shabby!
During March 2020, home sales started picking up steam. As a whole, the Chicago–Naperville-Elgin IL–IN–WI Metropolitan Statistical Area saw homes going under contract in about 42.5 days. This remained consistent in April 2020, with 42 days on market. This is about 1% faster than a year ago, and better than the national average.
When we fine-tune this to look at City of Chicago home sales in the month of April 2020, we find the median days-on-market coming in at 36. During April, some home sellers delayed listing their properties amid the COVID-19 lockdown, but most home buyers remained active, which tightened the market.
Real estate statistics are always a couple months behind the current trends. But it doesn’t take a big leap to see that homes in the Chicago area are likely to sell quickly all summer, thanks to two things: crazy-low mortgage interest rates, and super-motivated home buyers vying for a limited number of properties. To succeed, home buyers need to have their home financing well-prepared and work closely with Chicago area home buying experts!
StartingPoint Realty – helping Chicago home buyers since 2004!
StartingPoint Realty proudly serves first-time home buyers throughout the Chicago area. Get an introduction to home buying by attending our free home buying webinar! There’s no sales pressure and no obligation. Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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