Impact of COVID on Chicagoland Residential Real Estate

For the properties we hold COVID has had little to no impact on our business but on the Realtor side of the business, we always get asked by family &¬†friends how’s the business going. Honestly, we’re busier than ever but here’s some data we’re going to share with our network.

Impact of COVID-19 on Showings: This data makes it look like Real Estate has fallen off a Cliff. For those who don’t know MRED covers Cook, Dupage, Lake, Kane, Will, Grundy, Kankakee & Champaign Counties in Illinois.

Residential Rental Price Snapshot: It looks like residential rental has taken a slight dip, but here’s what I predict. Residential rental pricing around Universities will go up in the fall. Why that prediction: We just received a notice from our daughter’s university that because of COVID-19 they will have to reduce the density of student housing in the fall. This means more off-campus housing will be required. So we’re scrambling to find rentals in the DC area for her, but it looks like an investment opportunity for us.

Residential Price Snapshot: There have been lots of posts with dire predictions about the impact of this recession on Real Estate Prices, yet 3 of the last 5 recessions there was no impact on Real Estate prices. It may be too early to tell but based on the data below, so far, so good. Residential Real Estate pricing is holding.  So why is it holding? Lack of inventory!!!! Especially in the sweet spot, Affordably priced homes.