Current Market Data

Pending home sales hit record high in January
Pending home sales hit record high in January

The all-time high for January comes as limited supply cut pending transactions on a monthly basis, the association said.

Median home sales price nears record-high
Median home sales price nears record-high

The median sales price in the first month of 2021 was up 11.8% from January 2020 to $285,000, nearly matching the record high of $290,000 set last August.

Nearly a third of Chicago homes face bidding wars
Nearly a third of Chicago homes face bidding wars

In Chicago, 31.9% of Redfin offers faced bidding wars in January compared to 26.3% in December 2020.

Home sizes expected to rise in post-COVID world
Home sizes expected to rise in post-COVID world

After declining for years, the size of new single-family homes has begun to level off as consumers spend more time at home, a National Association of Home Builders analysis found.

Searches for $1 million-plus homes highest since 2017
Searches for $1 million-plus homes highest since 2017

In Chicago, 4.4% of last year’s Redfin searches were for homes priced higher than $1 million.

More than half of homes selling within two weeks
More than half of homes selling within two weeks

A new report from Redfin shows how inventory shortages are driving a chain reaction that includes accelerating home prices, unprecedented competition and surprisingly, the suppression of much-needed new listings.

What must you earn to afford a Chicago home payment?
What must you earn to afford a Chicago home payment?

The website, which notes that housing costs take up about one third of average spending for households, configured data by assessing the median home value and mortgage payment to show the minimum level of income necessary.

Chicago among the few major markets with declining rents
Chicago among the few major markets with declining rents

“In the final months of 2020, single-family rents posted the highest increases in over four years,” said Molly Boesel, principal economist at CoreLogic. “However, single-family rent price reaction to the pandemic and resulting recession differed greatly across metros.”

Zillow finds home values growing faster in Chicago than in suburbs
Zillow finds home values growing faster in Chicago than in suburbs

Zillow’s national figures showed high demand for housing in urban areas helping values in cities keep pace with those in the suburbs.

Chicago metro home prices jump 14.7% in 2020
Chicago metro home prices jump 14.7% in 2020

The report added that vacation homes and affordable homes in small towns near major urban centers were in strong demand as a result of the pandemic.

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