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Sellers Happy as Eager Buyers Really Go Berserk

by | Nov 21, 2020 | Chicagoland Real Estate Information | 0 comments

Sales of homes in well-to-do Northside neighborhoods boomed in October, especially condos. Listings and inventory sharply rose as sellers try to cash in on boom (and perhaps hit the suburbs with kids in tow).

Some Chicago area real estate highlights include:

  • Lincoln Park: 69% increase in single family home sales (from 13 sales to 22)
  • Lakeview: Near 15% increase in median condo sales prices from last year
  • Logan Square: 82% rise in condo sales from last October

Meanwhile downtown areas continue to struggle. In Near North (including the Gold Coast, Streeterville and River North) the closed deals for October were about the same as last October with median sales prices about the same- but inventory is up about 50%.

The suburbs are also booming! Sales in Northern Cook County (including hot areas like Glenview) rose 33%, median sales prices 15%, and inventory shrunk 15% from last October.

We expect the real estate market to remain robust through the winter. Typically action drops until the Spring, but this year we have many buyers who are both highly motivated and have plenty of time to search. Sellers for their part realize after many years they have more equity than ever.

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