Chicagoland’s large and incredibly diverse housing market is constantly evolving. We, of all people, know how difficult it is to stay ahead of the ever-changing trends. The good news? We can help! Each month we give our readers market updates with the most up-to-date information on how the Chicagoland area is doing. Want to know how Chicagoland fared over the past month? Then just keep on reading.
Chicagoland’s housing market cools down after the 🔥 hot 🔥 market activity of summer.
Continuing the trends of the past few months, Chicagoland showed significantly higher sales prices and a vast decrease in the amount of time spent on the market but now displays some cooling in a couple of areas from the hyperactive market activity of summer.
How The Market Has Cooled Down
August of 2021 did show a small decrease in the number of new listings to the market. We saw a total of 11,210 new listings this August, compared to the 11,554 of last year. This shows an overall decrease of 3%.
The number of closed sales, while a great figure overall, also had a decrease from 2020. August 2021 had 8,490 closed listings, compared to August of 2020’s 8,974 total. Which gives us a decrease of 5.4%.
How The Market Has Continued to Improve
And now for some very good news! The average sales price of homes, from August 2020 to August 2021, showed an impressive increase of 9.2%. The average sales price in August 2021 was $421,172, while August 2020 was $385,594. Such a difference!
We have also seen a great improvement in the amount of time that homes have spent on the market. Throughout the summer homes have been selling almost two months faster than the summer of 2020. August of 2021 was no different with an average of just 28 days spent on the market, compared to the whopping 76 days of August 2020.
The beginning of this summer season showed us fantastic promise in the upward trajectory of many Chicagoland market figures. And, while we do see some figures showing a slight downward trend, we are very happy to see the average length of time spent on the market and average list prices continuing their positive trends. We can’t wait to see what the fall of 2021 has in store and to share those figures with you!
Just a quick note for readers: our Market Updates are based on the results at the rear of a month and therefore, we receive our data on the 14th of the next month. So, that means September’s Market Update will be released in mid-October.
But, if you just can’t wait until later this month to learn more, I am always available to answer any questions that you may have about the Chicagoland market. Looking to buy? Or sell? Maybe you’re just trying to plan ahead? Regardless of your specific situation, I will always be here to answer questions, provide information, and give guidance when it comes to your real estate investments. Schedule an appointment with me today! I am available for phone, video, and in-person meetings.
If you want to contact me directly, my phone number is: 630.460.7953.
About Gerardo Zavala, Realtor
There is a true passion for connecting people with real estate that makes me fall in love with my career over and over again. While my title says, REALTOR® I think I am much more than that. For example, I am present and actively listening to my client’s needs, on the spot when things are urgent, and by your side to say “congratulations.” Most of my clients will say that I am a connection away from support no matter the situation, day, or time. In my opinion, customer service, educating the client on progress and next steps, and overall satisfaction are my top priorities. How can I help you?
