The Market is Strong!
The typical spring market volume has officially shifted to summer this year, as Chicago pulls out of the Covid Quarantine. June’s numbers show that buyers are still willing to pay a premium for the right home, as median prices increase 3% and the volume of properties going under contract is high!
As inventory is tight, we are spending more time with clients in a consultative role, helping them acquire property to build or do major renovations. Reach out if you would like to learn more. It’s a treat to think outside the box for our clients.
And, your referrals mean the world to our small business! From the bottom of our hearts- thank you for sending them our way!
Olivia Carlson
team@oliviaschicago.com
773.888.3002
SUMMARY
- Median home prices increase 3%.
- The number of homes under contract is up 49% over the same period last year!
- The number of new marketed homes in Chicago declined 3% from 2019- inventory is tight.
- Closed properties are still behind volume of 2019 numbers, due to less market activity in March and April. This should sky rocket as the increase in this month’s contracts finally close in July and August.
- Rental prices saw a 2.8% increase over 2019 levels. The average rent in our market was $1,850 last week.
- Safe and prequalified property showings are still standard protocol- our new normal!
- Real estate is selling fast, if it’s Instagram ready! Reach out to us for help on staging your home to sell.