Covid-19 has made the economy unpredictable. We saw record numbers in almost every category related to real estate and job loss. The pandemic has created insurmountable unpredictability in families’ financial security.
We saw a record drop in home purchases during the peak months. However, as of recent, Trade Group Illinois Realtors released data that shows home sales and home prices surged last month in August. This can be attributed to record low interest rates on mortgage loans and families looking to increase space in their homes due to at-home schooling and at-home work.
Approximately 13,360 homes were sold in August, an approximate 20 % increase from August 2019. This data comes from the 9 counties that make up the metropolitan area. In Chicago alone, almost 3,000 homes were sold, which is approximately a 9% increase from last year.
The average home cost in August was approximately $335,000, a 16% increase, which is the biggest increase since March 2016.In the metro area that included the nine counties, the average home cost was around $280,000, an approximate 12% increase from the year before.
Chicago wasn’t the only place that saw a surge in home sales. According to the National Association of Realtors, home sales were up 2.4% nationally,
We’re very curious to see how trends adjust throughout the year since covid-19 is still affecting states. We’ll be sure to keep you updated as we get more information