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 real estate market trends continue going into the last quarter of 2021.
For the past few months, Chicago has shown very consistent trends in a few different areas of the data that we collect for and report upon. We have seen consistent positive trends in the price of homes, and the total amount of time spent on the market. We have also seen similarly consistent downward trends in the number of homes on the market and the number of closed sales.
My Video Breakdown on October’s Data
Less Inventory Means Higher Competition Amongst Buyers
October 2021 gave us fewer new listings than the year before, for a 12% decrease. The number of new listings in October 2020 was 10,304 in the Chicagoland area, compared to October 2021’s 9,066 listings.
The number of closed sales has also decreased compared to October of last year. October 2020 had 8,418 closed sales, while October 2021 had a total of 7,236, which gives us a decrease of 14%.
Market Competition Leads To Increased Sales Prices & Faster Sales
Real estate experts speculate that the decrease in inventory has led to Chicagoland home prices increasing consistently, sometimes as high as a $100,00 year-over-year increase, and houses selling in half the time of the year before.
The data definitely seems to reinforce this theory. Our reports show that the average sales price of a home in the Chicagoland area in October 2020 was $377,251, while in this past October the average price was $387,250. Which shows a modest increase of 2.7%.
A figure that has shown some of the most improvement year-over-year is the average number of days that homes were on the market for. 2020 was a rough year for home sales, sometimes taking as long as three months on average for a home to sell. And despite the market cooling down compared to summer, this figure remains strong. Homes sold in an average of just 37 days in October 2021, compared to 66 days in October 2020. Nearly a month difference between the two.
Overall…
During the last quarter of the year, we will be very interested in seeing just where the Chicagoland market goes, particularly in terms of the number of homes on the market and the average sales price. We have been relieved to see some figures, like the average sales price and total market time, continue to flourish despite the normal chill that winter brings to the real estate market. Wherever the market goes, highs and lows, we will always be here to report and give the most current information on the Chicagoland market. Be sure to check back here next month for November’s market update!
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 November’s Market Update will be released in mid-December.
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?
