July 31, 2020
The city of Chicago saw year-over-year home sales decrease 29.1% with 2,020 sales in June, compared to 2,850 a year ago, Illinois Realtors reported recently. The median price of a home in the city was $329,500, up 3.3% from June 2019.
“As we began the reopening process of our city in June, we saw the market respond accordingly,” said Maurice Hampton, president of the Chicago Association of REALTORS and owner of Centered International Realty.
He continued, “Although there was a 29.1% decline in sales, it was a big improvement from May, and prices continue to hold steady. The 20.2% percent decline in inventory definitely plays into these sales declines, as more options lead to more opportunities for homebuyers.”
For the nine-county Chicago metro area, sales volume was down 19% Y-O-Y in June, while pricing advanced 1.6%. Statewide, sales volume was down 11.8%, while pricing retreated 1.3%.
For comments, questions or concerns, please contact Paul Bubny