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 stays cooled down after the booming market activity of summer.
As we’ve mentioned in our previous Market Updates from this year, Chicagoland has consistently shown a trend in higher sales prices and decreases in the amount of time listings have spent on the market. However, more recent market activity has shown that the number of new listings and closed listings have started their own downward trends.
My Video Breakdown on September’s Data
Chicagoland’s Market Chills Going Into Winter
September of 2021 showed a decrease in the amount of new listings to market compared to September of 2020. September of 2020 gave us 10,978 new listings, while September of 2021 gave 10,358, which is a decrease of 5.6%.
The number of closed sales has also decreased compared to September 2020. September 2021 showed 7,394 sales, while September 2020 had 8,356. A significant decrease of 11.5%.
However, Some of the Market Has Resisted the Chill
While it may look like Chicagoland’s market is cooling down overall, we are very pleased to see that some categories have persevered through the chill and continued to thrive.
The average sales price of homes in September 2021 showed an increase of 5.3%. In September 2020 the average sales price was $375,757, while in September 2021 it was $395,855. Overall, the average sales price of homes in 2021 compared to data from 2020 shows a consistent and significant increase in final sales prices–sometimes reaching a difference of nearly $100,000.
Another figure that has shown significant improvement year-over-year is the amount of time that homes spent on the market. Homes sold in an average of just 32 days in September 2021, while in September 2020 it took an average of 73 days for a home to sell. That gives us the impressive difference of 41 days.
Overall…
While we are a little disheartened to see some figures falling, we are relieved to see that other figures have withstood the recent market turbulence. We are particularly glad to see the stability of the average sales prices and the amount of time that homes have spent on the market this year. We are very much looking forward to seeing what the rest of 2021 holds for us in its last quarter. Check back next month for October’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 October’s Market Update will be released in mid-November.
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?
