Home demand remains strong in the Chicago area! According to the latest report from Illinois REALTORS®, Chicago Metropolitan home sales activity was up 39% when comparing October 2020 sales to October 2019.
While home buyers snapped up available properties, median home prices posted a year-over-year increase. The median home price in the Chicago Metro area reached $274,050 in October 2020, representing a 14.2% gain from October 2019.
Narrowing it down to the City of Chicago itself, home sales increased 21.9% on a year-over-year basis during October. The median price of a home in the City Chicago reached $315,000, up 14.5% from October 2019.
As we close out 2020, buyer demand is still robust, and there’s good reason to expect strong 2021 home sales in Chicagoland. Even as the pandemic drags on, Chicago area home buyers are motivated by the desire for more living space, and super-low interest rates are keeping them in the market. With more home showings and transactions taking place virtually, traditional “seasonal slowdowns” could be a thing of the past.
If you are a Chicago area homeowner who is thinking of selling in 2021, we have buyers for you! If you have wanted to sell, but have been concerned about where to find your next home, we often know of “coming soon” listings that could be just what you’re looking for. Contact us for your personal real estate consultation – there is never any pressure to sell your home.
StartingPoint Realty – your Chicago real estate hometown experts!
Always feel welcome to contact us for help with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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