Chicago Home Sales Continued Strong Performance in October, Gaining 23.6% as Low Interest Rates Continue to Fuel Demand

CHICAGO, Nov. 18, 2020 – Confronted with exceptionally attractive mortgage interest rates on home purchases, Chicagoans have been shopping for and buying homes at an aggressive pace, and the results were clearly visible in the October sales, reported Mary Jo Nathan, of the Charese Team at Compass Roscoe Village.
Combined city sales of attached and detached homes for the month came in 23.6% higher than for the same month last year, with 2,537 properties changing hands. The median sales price climbed 14.3% to $315,000, and average market time for those properties was 65 days, 15 days fewer that the prior October.

As strong as those city numbers were, however, they couldn’t quite match the gains recorded for the seven-county Chicago metro area as a whole. There, sales rose 39.9% for the month, and the median sales price was up 14.6%.

“In many ways, this is not a surprise given that the 30-year mortgage rate is hovering around 3% and the reality many households are facing is that their current dwelling isn’t suited to having multiple members working or taking classes at home” Ms. Nathan explained. “It seems as if everyone wants a little more elbow room, and many now have the purchasing power to get it.”

Chicago buyers boosted sales of single-family detached homes and attached homes (primarily condominium apartments and townhouses) just about equally in October. Detached home sales rose 22.1% to 1,120 units, while attached sales climbed 24.7% to 1,417 units.

As for median sales prices, detached homes registered a substantially larger gain, rising 21.8% to $290,000, while the median price of attached-home sales was up 4% to $340,000.

“Typically, the housing market slows in November and December, but given how eager buyers are right now, 2020 could be an exception to the rule,” said Ms. Nathan.

2044 W. Roscoe St., Chicago, IL 60618
Mary Jo Nathan
maryjo.nathan@compass.com
773-398-3814

Mary Jo Nathan is affiliated with the Charese Team based in the Compass office at 2044 W. Roscoe St., Chicago. She has specialized in North Side residential real estate since 2000.

This release was published on openPR.