We have an update on the first quarter luxury apartment rental market and it’s a doozy. Defying experts who believed it would take until 2023 for occupancy, and rental prices, to re-take pre-pandemic levels, the Chicago Class A luxury rental market has come storming back in 2021. Crain’s reports: In one sign of the market’s […]
The Illinois Association of Realtors is out with the April market stats. It was another red-hot month, even ignoring year-over-year comparisons. Just a reminder, last April saw sales fall 22.2% to the lowest in 8 years (since the 2012 bottom in the housing bust) due to the first coronavirus lock down and restrictions. In the […]
The Illinois Association of Realtors is out with the March sales. We already know from Gary’s updates on his blog that March was red-hot. But what you might not remember was that LAST March was also strong, with the median home price rising 10%. Last spring’s housing market was already heating up before COVID hit. […]
The Illinois Association of Realtors is out with the February 2021 sales data. The hot pandemic housing market continued in Chicago, the Chicagoland area and the entire state of Illinois. In the city of Chicago, home sales (single-family and condominiums) in February 2021 totaled 1,628 homes sold, up 8.8 percent from February 2020 sales of […]
The Illinois Association of Realtors is out with the January home sales data. The strong 2020 housing market appears to be continuing into 2021. From the IAR: In the city of Chicago, home sales (single-family and condominiums) in January 2021 totaled 1,670 homes sold, up 14.2 percent from January 2020 sales of 1,462 homes. The […]
In 2020, Chicago’s downtown was hit by both the coronavirus pandemic and the George Floyd looting and protests. Not only did tourists stay away, but renters fled downtown apartment towers resulting in the lowest occupancy rate in decades. Landlords were forced to slash rents and give out deep discounts, including 2 to 4 months free […]
Apparently, developers didn’t sell many new homes in Chicago in 2020. New homes are defined by Tracy Cross & Associates as a development with 10 or more units. It doesn’t include the single family home custom built in Southport. From Crain’s: Sales of new-construction homes in Chicago dropped to their lowest in 25 years in […]
Housing demand continued to be strong into the end of the year as December sales were up double digits year-over-year after sales were up 9% last December. It was the highest December sales since the housing boom year of 2006. From the Illinois Association of Realtors: In the city of Chicago, home sales (single-family and […]
We’ve been chattering about the low inventory in parts of Chicago for a couple of months. But now, Dennis Rodkin at Crain’s, is reporting that Chicagoland inventory is just 1.8 months, which is the lowest in 13 years. From Crain’s: The market is so tight now that “the only homes that aren’t selling are overpriced […]
The Illinois Association of Realtors is out with the November sales data. And despite a surge in the coronavirus throughout the state, sales were hot once again. Or were they? The city of Chicago saw year-over-year home sales increase 17.6 percent with 1,965 sales in November, compared to 1,671 a year ago. The median price […]