Chicago Spring Market UpdatePosted by arhome realty on
Ever since COVID-19 news hit the world, the real estate market met a significant crossroads: many people were questioning if it was a good time to sell, for safety, and what would happen to our still-strong prices. Data now backs up that we did, in fact, see a halt in the market. Especially towards the end of March, there was a drastic drop in newly listed properties - less than half of the amount listed that week last year (keep in mind, before the pandemic hit, 2020 numbers were exceeding 2019 numbers). So yes, the response was strong.
There is still good news in all of this: first off, our data shows that as of May 4, 2020, median sales prices are still higher than 2019, and haven't seen any huge shifts aside from a small dip 2 weeks ago (see…
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