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June 2021 Chicago Market Update

Updated: Aug 21, 2021

Below we summarize real estate activity for June 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 have been on fire for various reasons, but the city itself has also rebounded significantly. Here are some highlights:

  • 3,839 Chicago properties were sold in June 2021, representing an 85% increase from June 2020.

  • Median sales price jumped 6.9% yr/yr to $350,000.

  • Average days on market declined 28% to 59 days in June 2021 compared to prior year.

What's driving this activity? Low interest rates and pent up demand as we near closer to the end of the pandemic.

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.

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.

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