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July 2021 Chicago Market Update

Below we summarize real estate activity for July 2021 in both the residential for purchase and luxury high rise rental markets as reported by Chicago Realtor Association.

Single Family, Townhomes, and Condos:

A lot has happened in the past 12 months within the residential real estate market. The Chicago suburbs continue to be a hot market as there continues to be more buyers than sellers while the city continues to lean towards a buyer's market. However, activity in city has rebounded significantly. Here are some highlights:

  • 3,300 Chicago properties were sold in July 2021, representing an 87.7% increase from July 2020.

  • Median sales price jumped 5.3% yr/yr to $345,000.

  • Average days on market declined 15.9% to 58 days in July 2021 compared to prior year and 69 days compared to June 2021.

What's driving this activity? As mentioned in last month's market update email, low interest rates and pent up demand from a very low activity 2020 year.

For details, click here.

Interested in searching Chicago metro listings, click here. If you want to see Chicago high rise condo listings, click here.

High Rise Luxury Rentals:

Earlier in 2021 our clients were still able to receive 2 to 3 months free, many times annual savings valued at up to $7,000. However, starting May 2021 these specials were reduced on the majority of the buildings and rents were increased. The luxury rental market is not at 2019 levels yet, but has significantly improved over 2020 and going strong in July 2021.

What's driving this activity? Many renters moved out to the suburbs in 2020. A majority of these renters are coming back to the city as things open up.

There still are deals primarily in new rental developments.

If you're interested in learning more about Chicago high rise rentals, click here and fill out the form.

Listing Updates:

Price reduced by $25,000 on Wicker Park penthouse condo with 1,100 SF of outdoor space and views of Chicago skyline. Click here to see property.

Price reduced by $75,000 on 2018 remodeled Wicker Park 3-flat rental building. Click here to see property.

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