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 is heating up this summer!
In reviewing our data, we have seen profound improvements in the market compared to this time last year. All of the information that we have points towards a clear upward trajectory in home prices, with a large decrease in the amount of time that homes have stayed on the market.
In June 2021 the Chicagoland housing market saw a total of 12,963 new listings, which is an increase of 4.7% in the total amount of new listings between June 2020 and June 2021.
We also saw a great increase in the amount of closed sales between this year and last in June. This year we have a total of 8,556 closed sales compared to last year’s modest 6,788 This gives us an increase of 54.6% in total closed sales.
The average sales price also increased year over year, by a whopping $90,752–which gives us an increase of 28.6%.
Homes have also been selling much faster than this time last year, by an average of 53 days. In June 2020, homes stayed on the market for an average of 86 days, compared to June 2021’s average of just 33 days.
Overall, June 2021 showed a very promising upswing in market trends for the Chicagoland area. We are very excited about the positive direction that Chicagoland real estate seems to be going in and we look forward to breaking down July 2021 for you, very 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 mean’s July’s Market Update will be released later this month.
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 clients 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?