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The April 2020 market statistics for Chicago are complete. We’re beginning to see a fuller picture of COVID-19’s effect on the housing market. On average, closed sales are down 22.2% from 2019. Demand is still there but constrained by inventory which has also fallen 20%, worsening an already severe housing shortage.

This lack of supply lead to an increase in the overall median sales price and decrease in market times. While the process may have changed, the need to buy and sell property has not, with 2,018 closed sales in the City of Chicago last month.

New listings for April are down 50-60% compared to last April, so we will really have to wait and see how the market will really react.

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