New data from the Chicago Association of Realtors is showing single-family homes in the city sold faster in July than at any other time over the last decade.
According to the numbers, single-family homes in Chicago averaged just 74 days on the market before moving, which represents the shortest amount of time on market since all the way back to January of 2007.
For comparison-sake, July of 2016 saw single-family homes in the city sell in 80 days on average.
Inventory is fairly tight around many of Chicago’s top neighborhoods, prompting buyers to move a little faster than what we’ve been used to seeing.
Condos have also been selling faster in recent months, with June setting a new record of just 50 days on market. And in July, that average only increased slightly to 51 days, further demonstrating how hot the Chicago real estate market has been over the summer.