Chicago 2020 Real Estate Review and 2021 Outlook
The COVID-19 pandemic has had an impact on every aspect of the economy, and that includes the real estate market. This spring, Chicago’s market, like many others around the country, was basically shut down, leading many to question how the rest of the year was going to play out. Thankfully, once Chicagoans adjusted to the new reality, home sales rapidly picked up.
June 2020 saw a 21% increase in home sales over the same month last year. This trend repeated for July (36% more than last year) and then continued through August and September. Another key indicator of the stability of the real estate market is median home prices. Home prices did not go down in Chicagoland in 2020 over 2019, indicating sufficient demand. In fact, prices in certain neighborhoods are up as much as 15% over last year.
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President of Condo Risk Insurance Specialist, Inc
4 年Interest rates have been instrumental in the drive for home sales Makes me wonder what could have been if we and the world didn't experience Covid19 Great article Keith and I'd like to wish you a Very Merry Christmas and a much needed Happy New Year
Trusted Advisor in Payroll Funding at Madison Resources
4 年Thanks Keith. Good insight and very well written. Merry Christmas !