I wanted to share with you this month's Chicago housing market update- what's going on in the Chicago real estate market here in downtown Chicago. Let's talk first about condominiums. Chicago condo sales were $2.2 billion year to date. That's January through the end of April, 2022. That's up 5.4% vs 2021. Compare that to last year when we were up 62% in our record setting year, we are continuing to set records in condo sales.
The number of units wasn't up as much because our prices are appreciating. We are up 52% versus 2020, and up 1.2% versus the year before. Number of closed sales. In the month of April, 1559 units closed in the Chicago lakefront neighborhoods, that was down 7.6%. But again, that's versus a record setting 2021. If you look at the number of sales over the last 10 years, it was definitely a very strong month.
Units under contract were down a little bit to 1504, actually down 15% versus previous year, month over month. But that's just one data point. The condominiums for sale, we don't have much inventory. Once they hit the market, they tend to sell if they're priced right. Currently 3,100 condos are on the market. That's down 37% versus previous year. In terms of number of months supply, that's the number of months it would take to sell everything on the market given the rate of sale, we only have 2.7 months worth of inventory of condos right now. Compare that to the height of COVID where we had eight months. We have come down considerably. It's very much a seller's market right now here in Chicago, but there are great buys still to be had. Median sales price continues to hover around $400,000. It's gone up certainly, but it hasn't gone haywire.
Let's switch over to single family homes. 416 homes closed year to date in the lakefront communities versus 448 last year. So we're down 7% versus previous year, but that was versus an increase of 58% over the previous year. Because of the home price appreciation, however, dollar volume is up 4.6% versus last year and last year was up 76% versus previous year, January through April of 2021. Closed sales. Number of closed sales, 156 during the month of April was down 1.9%. You can see the spike in the record setting year of 2021. As you see versus a 10 year trend, we're still on the way up. You can see it's the spring market. We anticipate next month, May, to be even stronger in terms of number of sales. We'll have to see how it goes, but it looks like another banner year.
Homes under contract down a little bit, again, due to inventory, but down 29.6% versus previous year. The number of homes for sale right now in the lakefront communities, 210. That's down 44% versus the previous year. So almost half as many homes are for sale in the lakefront communities today versus last year at this time. That means we have a 1.7 month supply of homes for sale. That means that everything on the market would sell in 1.7 months. Keep in mind, basic neither buyer nor seller market is five and a half to six months. So it's very much a seller's market today in the Chicago downtown market.
Single family home sales median sales price in the lakefront communities, $1.2 million up 14.6% versus previous year. Not surprising given the strong demand and the lack of inventory. That's it in a nutshell for single family homes and condominium sales in downtown Chicago.
If you have any questions about your personal situation, about how you can take advantage of this market, please reach out to me.
I'm Anne Rossley with Baird and Warner. Let's connect.
773-620-5333 | [email protected]
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With 25+ years of real estate experience selling in downtown Chicago, Anne Rossley is the go-to advisor for corporate executives moving in and out of the city, empty-nesters transitioning to the city and anyone just trying to find their perfect fit in Chicago. Selling each of Chicago’s vast housing options, Anne understands the nuances of historic properties, luxury single-family homes, and lakefront condos/co-ops. She is an industry gem with her sharp sense of humor and low-pressure approach that is always coupled with a splash of sophistication and a little spunk. NOTE: Anne focuses on city business and will happily refer you to the best resource in collar counties/suburbs if this isn't a perfect fit. Make Anne your first call!
Anne (and Baird & Warner) is a member of Leading Real Estate Companies of the World and Luxury Portfolio.
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