The median home price in the city of Chicago was $267,500 in January, up 4.9% year-over-year. Condos sold during January in Chicago had a median sales price of $295,000, down 1.3% year-over-year. These medians are based solely on closed sales during the month of January within the city’s limits.
The rolling 12-month average paints a broader picture of Chicago’s real estate prices. For all homes sold in the past 12 months (from January 2019 to January 2020), the median overall home price was $295,000. For condos, the median price averaged out over the past 12 months was $319,000. Compared to the homes sold in January alone, you can see how much home prices tend to dip during the winter as compared to their spring and summer peaks.
That said, this January was an unusually busy time for home buyers and sellers alike. In January, there were 1,453 closed sales in the city, 709 of which were condo sales. That represents a 7.9% increase in closed sales compared to January 2019.
Cost of living in downtown Chicago
In January, homes sold in the near downtown area held a median home price of $426,750, up 4.1% compared to January 2019. Condo prices were down 3% year-over-year to $393,000.
The near-downtown area saw 582 closed sales in January – an increase of 17.6% year-over-year – 475 of which were condo sales specifically. Again, this winter has been an unusually active time for buyers, particularly those in the downtown area targeting condo purchases.
Chicago real estate market trends by neighborhood
Chicago home prices by neighborhood
Compared to last month’s Chicago real estate market update where we surveyed December’s home sales, neighborhoods with falling prices include West Loop, River North, Old Town, Lincoln Park, and Lakeview. Meanwhile, home prices in South Loop, Gold Coast, Streeterville, Logan Square, Bucktown, West Town, Wicker Park, Avondale, and North Center all increased between December and January. Prices in the Loop remained flat month-over-month.
Compared to a year ago, however, home prices were down in the Loop (-5.9%), West Loop (-45.4%), River North (-15.3%), Old Town (-25.8%), Lincoln Park (-2.3%), Lakeview (-25.1%). Meanwhile, home prices increased year-over-year in South Loop (+17.4%), Streeterville/Gold Coast (+5.6%), Bucktown/Logan Square (+2.1%), West Town/Wicker Park (+2.9%), and Avondale/North Center (+9%).
Chicago new listings by neighborhood
Almost every neighborhood saw a sharp increase in new listings compared to the month prior to indicating a pickup in the market after the holidays. However, new listings also rose on an annual scale. Across neighborhoods, the number of new listings rose between 1.1% (West Town/Wicker Park) to 22.3% (the Loop) when compared to the number of new listings in January 2019. There were fewer new listings this January in only two neighborhoods – Streeterville/Gold Coast and Lincoln Park. This means that 2020 is already shaping out to be a more active year for sellers compared to 2019.
Chicago closed sales by neighborhood
Somewhat surprisingly, there were more closed sales in December than there were in January in every major downtown neighborhood.
Closed sales fell year-over-year in the Loop (-6.1%), West Loop (-24.2%), Gold Coast/Streeterville (-2.3%). Closed sales increased in Old Town (+64.5%), Lincoln Park (+38.3%), Lakeview (+52%), Bucktown/Logan Square (+2.1%), and Avondale/North Center (+22%). Closed sales were flat year-over-year in South Loop, River North, and West Town/Wicker Park.