Realty Executives Midwest

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Median home prices in Chicagoland increase 3%; contracts still strong

(Published on - 6/26/2020 3:20:10 PM)

According to Midwest Real Estate Data, the median selling price of a home in our markets statewide for the week ending June 22 was $250,000, up three percent from the same period in 2019. The lift in prices is one of many statistics in the MRED Weekly Market Snapshot, which shows that despite the COVID-19 pandemic, buyers are still willing to pay a premium for the right home.

 

 

Other highlights from this week's report include:

  • Homes under contract continued to outpace previous-year numbers. There were 4,993 homes going under contract in the week ending June 22, a 49 percent increase over the same period in 2019.

  • Rental prices saw a 2.8 percent increase over 2019 levels. The average rent in MRED's markets was $1,850 last week.

  • The inventory of homes actively being marketed in MRED's system declined 3 percent to 70,992 properties.

Copyright 2020 Midwest Real Estate Data LLC

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