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 continues to heat up this summer!
Compared to this time last year, Chicagoland continues its marked upward trend towards a significant increase in list prices and a vast decrease in time spent on the market.
In July 2021 Chicagoland recorded a total of 12,650 new listings, compared to 12,636 of last year. This shows a small increase of 0.1%.
We have seen a slight decrease in the amount of total closed listings for Chicagoland. July of 2021 gave us 8,557 closed listings, compared to July of 2020’s 9,014 total, which is a decrease of 5.1%.
However, while the number of closed listings has decreased slightly since last year, the average sales price has increased by a fantastic 20.6%. The average sales price in July 2020 was $361,483, while July 2021 was $435,924. What a difference!
There has also been great progress in the amount of time that homes have spent on the market. We noticed this large decrease in June of this year, and July has been no different. Homes sold in an average of 31 days in July 2021, compared to 81 days in July 2020, almost a two-month difference.
While we see decreases in a couple of figures, we are very relieved to see continued improvements in average sales price, and time spent on the market in the Chicagoland area. We hope that August 2021 continues these trends and are looking forward to reporting those figures to you soon!
Just a quick note for readers: 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 August’s Market Update will be released in mid-September.
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
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?