Chicago home prices are on the rise, and the coronavirus may be responsible for at least some of the blame. Thanks to a tight housing supply and more showings, agents are seeing some properties receive multiple offers.
According to recently released real estate data, the median home price in Chicago is up nearly three percent from the same time last year. Fewer homes on the market are boosting demand.
While more than 1,300 new listings hit the market in early March, that number was cut in half by late March to mid-April. By the time early May rolled around, there were only about 2,700 single-family houses on the market. That’s the lowest number we’ve seen in more than 13 years.
At the same time, fewer properties have gone into contract. In early March, there were well more than 600 homes that went into contract in Chicago. Within a few weeks, that number had also been cut in half.