May’s market report is the latest to illustrate the impact of COVID-19 on Chicago’s real estate market. Because it can take 30-45 days to close on a home in Chicago with a mortgage, most of the sales activity that occurred in April (the latest month we are able to pull data from) reflects homes that went under contract between February and March.

Still, we really won’t understand the full effects of the pandemic on Chicago real estate until June. New listings, overall inventory and homes under contract are way down across the board, and understandably so – fewer listings means fewer contracts. These three data points reflect activity that happened in April, while indicators such as sales price, closed sales and days on the market might still be slightly inflated because they reflect activity that could have occurred pre-coronavirus – late February/early March.

Chicago home sales – May 2020

The median home price in Chicago rose 9.2% year-over-year to $338,500 in April. The rolling 12-month median, which considers the whole year of sales up until April 30th, was $299,900, up 4.3 percent.

The City of Chicago saw 2,039 homes sell in April – a steep 21.4% drop since last April. However, homes that sold in April spent a median of 28 days on the market compared to 31 days a year ago.

Meanwhile, there was a 51.6% drop in the number of homes under contract compared to last year, and new listings fell by 53.7 percent over the same time frame. As of the end of the month, inventory was 19.1% below what it was just a year ago for a total of 7,636 homes for sale.

 

Downtown Chicago home sales activity

The median home price downtown rose 4.6% to $455,000. The rolling 12-month median rose 2.4% to $435,000.

Closed sales downtown Chicago dipped 21.7% year-over-year. However, homes downtown that sold in April spent a median of 25 days on the market, two days faster compared to April 2019.

The number of homes downtown that went under contract in April fell 60.2% while new listings downtown fell 58.6 percent. As of the end of April, there were 3,945 homes for sale downtown Chicago, which is 17.9% fewer compared to April 2019.

New listings and under contract by neighborhood

In April, the number of new listings drastically fell year-over-year in every neighborhood surveyed – the Loop (-48.2%), West Loop (-61.1%), South Loop (-59.1%), River North (-50%), Gold Coast/Streeterville (-72.4%), Old Town (-63.6%), Lincoln Park (-65.7%), Lakeview (-54.4%), Logan Square/Bucktown (-54.4%), West Town/Wicker Park (-65.9%), and Avondale/North Center (-58.7%).

Similarly, the number of homes under contract plunged in all neighborhoods – the Loop (-81%), West Loop (-58.1%), South Loop (-78.8%), River North (62.1%), Gold Coast/Streeterville (-69.9%), Old Town (-59.8%), Lincoln Park (-60.9%), Lakeview (-50%), Logan Square/Bucktown (-62%), West Town/Wicker Park (-57%), and Avondale/North Center (-63%).

Home prices by Chicago neighborhood

Despite the decreased activity, sales prices increased in the Loop (+10.8%), West Loop (+6.5%), Lakeview (+12.5%), Logan Square/Bucktown (+5.4%), and Avondale/North Center (+5.4%). 

However, home prices fell in South Loop (-3.7%), River North (-0.6%), Gold Coast/Streeterville (-20.8%), Old Town (-9.8%), Lincoln Park (-3.6%) and West Town/Wicker Park (-1.5%). 

Closed sales by Chicago neighborhood

Lakeview was the only neighborhood surveyed to see more closed sales this April (+12.1%) compared to last year.

More predictably, closed sales fell in the Loop (-38.8%), West Loop (-27.5%), South Loop (-32.1%), River North (-33.3%), Gold Coast/Streeterville (-57.8%), Old Town (-18.9%), Lincoln Park (-23.5%),  Logan Square/Bucktown (-23.6%), West Town/Wicker Park (-14.6%), and Avondale/North Center (-18%).

Days on the market by Chicago neighborhood

Homes sold faster this April in South Loop (-16), Gold Coast/Streeterville (-1), Lakeview (-8), Logan Square/Bucktown (-13), and Avondale/North Center (-10).

Market time increased in the Loop (+1), West Loop (+2), River North (+47), Old Town (+9) and Lincoln Park (+12).

And, market time was flat in West/Town Wicker Park.