Chicago Housing Market Turned in Upbeat Feb. Results; Sales Volume Up 2.9%, Median Price Rose 6.2%

CHICAGO - March 22, 2020 - PRLog -- While the current coronavirus crisis seems likely to take a toll on Chicago's housing market going forward, market conditions entering this unsettling period were positive, according to Mary Jo Nathan of the Charese Team at Compass Roscoe Village.

Citywide home sales in February totaled 1,474 units, up 2.9% over the same month last year, while the February median sales price gained 6.2% to $290,000. Average market time for homes sold during February shortened to 105 days from 108 days a year earlier.

"The higher sales volume was achieved despite the fact that the inventory of homes on the market was -4.8% lower at the end of February than it had been a year earlier," Ms. Nathan said. "Buyers have been active, helped by mild winter weather."

The sales data analyzed by Ms. Nathan is compiled by Midwest Real Estate Data, the regional multiple listing service.

"Sales activity was strongest in the single-family segment of the market," Ms. Nathan reports, rising 4.9% to 600 units. The median price rose 6.7% to $240,000, with average market time down six days to 101 days.

The attached home market, consisting primarily of condominium apartments and townhouses, registered smaller gains. Sales activity rose 1.5% to 874 units, and the median sales price gained 4% to $325,000. Average market time declined by a day to 108 days.

February results for the seven-county Chicago metro area were also positive, with unit sales rising 8.4% to 5,994 units, while the median price gained 3.4% to $240,000.

Mary Jo Nathan is affiliated with the Charese Team based in the Compass office at 2044 W. Roscoe St., Chicago.  She has specialized in North Side residential real estate since 2000.