An Overview of the Chicago-Area Real Estate Market as Summer Comes To a Close

August is typically considered a transitional month, with people coming home from vacation, gearing up to go back to school (even if it's virtual), and winding down from a busy summer. We typically see a slowdown in real estate during August, but this year it’s quite the opposite due in part to a late start to the spring market because of the pandemic.

The late spring market is making for a very active late summer market. People are still buying and listing their homes. Looking at the latest Chicagoland data closed sales are up 21% year-over-year and the number of homes going under contract is up 40% year-over-year.

Open houses are busy, our numbers for new listings are high, and the median sale price is up compared to 2019. The key takeaway is that the market is still very active, which means it’s a great time to buy or sell your home.

Let me help you take advantage of this active market, contact me today to set up a consultation at jnewsom@bhhschicago.com or (773) 580-5840.