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The August 2020 market stats are in!

New listings and inventory are through the roof in downtown Chicago, no doubt a reflection of the recent unrest in the city and desire to live in the suburbs with more space.

 

The Near North Side (including River North, Gold Coast and Streeterville) saw a 94% increase in condo listings from August 2019. This lead to a 39% increase in inventory. Median sales prices are up 10% for condos, but expect that to change with the supply going gangbusters.

 

It’s not just downtown residents that want out. Take Lakeview on the Northside which includes Wrigleyville. That area also saw a 83% increase in single family home listings and 100% increase in condo listings from August 2019. Again, median sales are up but expect them to fall with rising market times and inventory already reflected in the new stats.

 

Pretty much any north side neighborhood has between 50% and 100% increase in listings compared to last year and depending on condos versus single family homes. This is a seismic shift in real estate market – great for buyers sticking around if rates hold low, terrible for sellers.

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