Monthly real estate market report based on residential real estate activity in the city of Chicago, the downtown area, and neighborhood-specific sales data broken down by all residential and attached single-family (condos/townhouses).

August was another strong month for the Chicago real estate market. Anecdotally speaking, we saw home buyer demand taper off early in the month, but the sales data paints a different picture since most homes sold in August went under contract in June and July.

We expect to see a bigger drop off in median sales price, closed sales, and homes under contract potentially in September and more perceptibly in October. We also believe most of the softening demand will impact the urban core of Chicago while the outskirts of the city and the suburbs (not covered in our reports) will remain more active than usual for autumn and a presidential election year.

Chicago real estate activity – August 2020

The median sale price for homes in the city of Chicago rose 15.9% in August to $335,000. From a rolling 12-month perspective, the median sales price grew 5.5% to $306,000.

Also in August, closed sales in the city grew 9.8% and market time fell 10 days year-over-year (25 days). There was a 30% increase in homes under contract this August compared to last year. Despite a 34.6% increase in new listings, total inventory was 1.7% lower overall for the month across the city.

Downtown Chicago real estate activity – August 2020

Homes sold downtown had a median sale price of $475,000 – up 13.8% since last August.

Closed sales grew 13.8%, while time on the market fell 12 days year-over-year to a 26-day median.

There was a 17.8% increase in homes under contract downtown this August, while new listings rose a whopping 75.6% and overall inventory rose 26.8%.

New listings by Chicago neighborhood

New listings increased in every major Chicago neighborhood close to downtown, including the Loop (+96.1%), West Loop (+96.6%), South Loop (+71.4%), River North (+117.3%), Gold Coast/Streeterville (+89.6%), Old Town (+82.1%), Lincoln Park (+54.9%), Lakeview (+73.4%), Logan Square/Bucktown (+79.1%), West Town/Wicker Park (+61.4%), and Avondale/North Center (+26%).

Under contract by Chicago neighborhood

There were more homes under contract in River North (+33.3%), Lincoln Park (+22.8%), Lakeview (+49%), Logan Square/Bucktown (+51.5%), West Town/Wicker Park (+51.6%), and Avondale/North Center (+34.6%) this August compared to a year ago.

Meanwhile, in the Loop (-33.8%), West Loop (-3.3%), South Loop (-6.8%), Gold Coast/Streeterville (-8.7%), and Old Town (-5.6%), the number of homes under contract fell year-over-year.

Home prices by Chicago neighborhood

The median sales price grew year-over-year in River North (+12.7%), Gold Coast/Streeterville (+9%), Old Town (+35.3%), Lincoln Park (+27.4%), Lakeview (+21.5%), West Town/Wicker Park (+8.7%), Avondale/North Center (+2.4%)

The median sales price fell in the Loop (-14.2%), West Loop (-1.1%), South Loop (-13.9%), Logan Square/Bucktown (-3.6%) during the same period.

Closed sales by Chicago neighborhood

We saw more home sales this August in South Loop (+1.7%), Old Town (+4.1%), Lincoln Park (+17%), Lakeview (+32.2%), Logan Square/Bucktown (+79.3%), West Town/Wicker Park (+53.6%), and Avondale/North Center (+32.9%) compared to a year ago.

However, the Loop (-20.5%), West Loop (-13.9%), River North (-18.5%), and Gold Coast/Streeterville (-36%) had fewer sales for the month of August on a year-over-year basis.

Days on the market by Chicago neighborhood

Homes sold faster in South Loop (-19 days), River North (-1 day), Lincoln Park (-9 days), Lakeview (-7 days), Logan Square/Bucktown (-18 days), West Town/Wicker Park (-24 days), and Avondale/North Center (-26 days) last month compared to August 2019.

On the flip side, homes took longer to sell in the Loop (+24 days), West Loop (+3 days), Gold Coast/Streeterville (+16 days), and Old Town (+7 days).