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).

July was an outstanding month for the Chicago real estate market despite everything going on both locally and worldwide. Although the 2019 summer market wasn’t anything to write home about, the market performed far better this July compared to a year ago on almost every level – from price increases to faster market times to more sales both downtown and throughout the city.

Chicago home sales – July 2020

The median home price in Chicago reached $327,500, up 6.7% since a year ago. The rolling 12-month average, which takes a broader snapshot of the market, rose 3.4% to $300,000 over the same 12-month period.

And, despite the lingering and still present impact of COVID-19, there were 2.8% more closed sales last month than there were in July 2019. Homes sold faster, too, with median market time falling to 25 days from 30 days last year.

The number of homes under contract last month was 36% higher than it was the year prior. And, with 9,246 homes for sale in Chicago last month, inventory was down 10.6% year-over-year.

Downtown Chicago home sales – July 2020

 

Similarly, the downtown market experienced rising prices during the month of July, up 3.8% compared to July 2019 to $451,000. The rolling 12-month average also showed a 3.3% increase to $440,000.

There were 4.5% more closed sales in downtown Chicago last month than the year prior, and homes sold faster than they did a year ago with 24 days median market time compared to 33 days last July.

Downtown Chicago saw a surge in homes under contract in July, up 30.7% year-over-year. However, unlike the city as a whole, inventory actually increased by 6.5% to 5,494 homes for sale.

 

New listings by Chicago neighborhood

The number of new listings that went on the market in July increased in all the downtown neighborhoods we survey – the Loop (+57.5%), South Loop (+60.2%), West Loop (+47.1%), River North (+99.1%), Gold Coast/Streeterville (+48.7%), Old Town (+62.4%), Lincoln Park (+26.6%), Lakeview (+24.4%), Bucktown/Logan Square (+57.5%), West Town/Wicker Park (+5.5%), and Avondale/North Center (+24.1%). Yes, you read that correctly – in River North, new listings almost doubled compared to a year ago!

Under contract by Chicago neighborhood

There were more homes put under contract this July compared to last July in South Loop (+43.5%), West Loop (+28.6%), Old Town (+18.3%), Lincoln Park (+15.8%), Lakeview (+47.4%), Bucktown/Logan Square (+77.9%), West Town/Wicker Park (+79.4%), and Avondale/North Center (+60%).

There were fewer homes under contract year-over-year in the Loop (-7.8%), and Gold Coast/Streeterville (-16%).

Meanwhile, River North had the same number of homes go under contract as it did a year ago.

Home prices by Chicago neighborhood

Home prices increased year-over-year in South Loop (+4.1%), West Loop (+24.6%), River North (+11%), Gold Coast/Streeterville (+12.2%), Lakeview (+2.7%), Bucktown/Logan Square (+1.1%), and Avondale/North Center (+1.6%)

Home prices fell year-over-year in The Loop (-2.9%), Old Town (-7.4%), Lincoln Park (-1.4%), and West Town/Wicker Park (-0.5%).

Closed sales by Chicago neighborhood

There were more homes sold this July in Old Town (+16.4%), Lincoln Park (+17.4%), Lakeview (+22.8%), Bucktown/Logan Square (+8.7%), West Town/Wicker Park (+19%), and Avondale/North Center (+7.6%) compared to a year ago. 

The Loop (-21.5%), South Loop (-4.9%), West Loop (-20%), River North (-1.7%), and Gold Coast/Streeterville (-38.5%) saw a decline in homes sold year-over-year.

Days on the market by Chicago neighborhood

Homes sold faster in West Loop (-17 days), Old Town (-9 days), Lincoln Park (-17 days), Lakeview (-7 days), Bucktown/Logan Square (-6 days), West Town/Wicker Park (-16 days), and Avondale/North Center (-7 days)

However, homes sold slower in the Loop (+10 days), South Loop (+9 days), River North (+4 days), and Gold Coast/Streeterville (+60 days).