How the Coronavirus Is Transforming the Housing Market: A Tale of Four Metros

This is a reprint of a great analysis by REDFIN of the impact of Coronavirus on 4 markets, Chicago, Detroit, New Orleans, and Seattle. One of the takeaways regarding Chicago- “Chicago’s housing market has felt somewhat insulated from this pandemic,” said local agent Daniel Close. “It’s not universal, but buyers still seem excited to make offers, motivated to fight for homes, and willing to engage in bidding wars. That hasn’t really changed; there are just fewer people in the market.”  

We can relate to that quote as we’ve participated in a few bidding wars over the last few weeks  Some of raw data is below but you can read the full article here:  

COVID-19 Cases as of May 4

Seller Delistings

Seller Listings

This last chart is for the Chicagoland area through May 11. While it has been a rollercoaster ride in Chicago regarding listings, delistings, and showings, pricing hasn’t been affected. Home values are holding. If you were thinking about selling your home, go for it. If you’re an investor that flips moderately prices homes, go for it.