While COVID has many families and professionals fleeing high prices in big cities like New York or San Francisco, Chicago's housing market shifts to a big boom. According to a report by local news outlet WIFR, home sales increased by 34 percent in October alone.
"While every neighborhood is reacting differently to the pandemic, overall, single family homes continue to be popular with homebuyers," says Nykea Pippion McGriff, President of the Chicago Association of Realtors and Vice President of brokerage services of Coldwell Banker Realty, who spoke to WIFR. "Condos are also keeping pace."
In October, home sales in the Chicago Metro Area totaled 12,532, a whopping 3,519 more homes than were sold in October of 2019. Home prices have also gone up by 14.2 percent, from last year's median of $240,000 to this October's $274,050.
“For those looking to move or sell," McGriff continues, "these are all signs of a healthy market as we move into the winter months."
Sales boosted in the city of Chicago as well, rising by 21.9 percent. Homes in the city are currently priced at a median of $315,000, a 14.5 percent annual increase.
In fact, home sales climbed throughout the state, surpassing last year's sales by 34 percent. Single-family homes and condominium sales across Illinois amounted to 17,713, or 34.9 percent more than state-wide sales last fall. According to the report, these figures outpace the national average, though the change in prices are less unique.
Read the full report at WIFR.