Rental Beasts’ October market report found that renters are finding concessions, and Chicago’s market is no exception.
According to the report:
“As Chicago heads into its traditional off-peak rental season, it is not clear if this year will deviate from pre-established rental patterns. Bucking the trends in other cities, Chicago reported declines in YOY Rental Concessions in June, July, and August. However, as property managers and owners seek to secure as many tenants as possible before the colder weather arrives, Chicago registered an 11% YOY increase in Rental Concessions.”
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The median residential sales price in MRED’s service area reached its highest mark in a month for the week ending Oct. 18. At $260,000, the median price was a 2.8% week-over-week increase and topped 2019’s price for the same week by 13.9%.
This indicator of a stronger fall market was accompanied by annual increases in closed listings. While new listings and listings under contract both saw week-over-week decreases, each total remained ahead of 2019’s numbers.
Closed listings, listings under contract and new listings all saw decreased week-over-week totals in MRED’s service area to kick off the first full week of October. Closed listings were down 37% while listings under contract saw a weekly decline for the third week in a row. These 2020 totals still remained ahead of their 2019 counterparts as closed listings (15%), listings under contract (42%) and new listings (5%) all showed year-over-year growth.
The weekly declines happened even as total active listings increased and residential open houses posted its highest weekly total in more than seven months (4,164).
4,127 residential listings closed in MRED’s marketplace during the week of 9/28. That total is the most in a single week since late July, notching a 33% week-over-week increase. The 40% year-over-year bump was the second time in the last month 2020’s closed totals bested 2019 by 40% or more.
Other key market indicators remained strong, including listings under contract and median sold price, which both continued streaks four-month streaks of year-over-year growth.
The median residential sold price in MRED’s network dropped 4% week over week from $268,000 to $257,000. This marked the 14th straight week of year-over-year growth, coming in at 17% greater than the $220,000 tally from 2019.
New listings, listings under contract and closed listings all saw modest dips while maintaining notable advantages over 2019’s totals. Learn more in MRED’s weekly market snapshot. Click here to access the report.
The median sales price of a residential listing in MRED’s network remained at $260,000 for the third consecutive week. This is a 16% year-over-year increase that bucks a trend from 2019 in which median sales prices began to decrease in August and September.
This year’s steadiness is despite a third-straight week of declines in residential listings under contract, although 2020’s numbers have outpaced 2019 in this category for nearly four months.
Learn more about the market, including data on open houses and rentals with MRED’s Weekly Market Report. Click here to access the report.