Six weeks into stay-at-home orders, real estate agents in Illinois say the state of the market is looking pretty good.

The first confirmed case of COVID-19 in Illinois was reported on January 24 in Chicago, just days after the first U.S. case was reported on January 21 in Washington state.

Since March 21, the state has been under a stay-at-home order, at which point there had been 753 confirmed cases and six deaths.

On April 23, Gov. J.B. Pritzker issued a new stay-at-home order to Illinois residents that will last through the end of May and includes a new requirement that anyone over the age of 2 who can tolerate it wear a mask or other face covering while in a public place where they can’t remain the recommended six-foot distance from others. The order will make Illinois the eighth state to issue a requirement about wearing face masks in public, joining Connecticut, Hawaii, Maryland, New Jersey, New York, Pennsylvania and Rhode Island, which already had such orders in place.

Six weeks in to staying at home, here’s where real estate in Illinois stands now.

Statewide cases and deaths

  • Illinois reported 141,723 confirmed cases of COVID-19 as of June 29th.
  • As of June 29th, there were 6,888 fatalities reported
  • A total of 1,544,978 tests have been administered as of June 29th.

Statewide crisis response

  • On March 21, Gov. J.B. Pritzker issued an initial statewide stay-at-home order for two weeks that was later extended through April 30.
  • On March 25, the governor’s office announced a partnership with United Way of Illinois and Alliance of Illinois Community Foundations to create a COVID-19 response fund to support state residents. On March 26 the governor’s office announced increases to SNAP benefits, funding for the homeless and a stipend to child care providers giving care to children of essential workers.
  • Gov. Pritzker announced the “Care Comes First” action plan on March 28, a plan that included proposals to increase flexibility in Medicaid coverage to help uninsured residents cover costs of COVID-19 treatment, expand access to treatment and medication of Medicaid recipients as well as provide home delivered meals and housing to the homeless through Medicaid. A few days later, on-site learning in K-12 schools was suspended for the month of April.
  • On April 23, Gov. Pritzker extended the stay-at-home order through the end of May, and included new provisions that individuals over the age of 2 must wear face coverings in public settings where they cannot stay six feet away from others, including public indoor spaces. The new order also, however, allows for select businesses and state parks to slowly reopen and for hospitals to start offering some elective surgeries again.
  • On April 27, Clay County Circuit Court Judge Michael McHaney granted a restraining order to temporarily block the governor’s latest executive order, as sought by Rep. Darren Bailey, who argued that Gov. Pritzker overstepped his authority with the extension of the stay-at-home order through the end of May. On April 29, State Rep. John Cabello (R-Machesney Park) also filed a lawsuit that challenged Gov. Pritzker’s authority to extend the stay-at-home order.

Statewide real estate

  • Closed sales of single-family homes and condos climbed by 4.7 percent year-over-year in Illinois in March 2020, with a total of 12,182 closings, according to Illinois Realtors. The median sales price rose by 8.5 percent from $200,000 in March 2019 to $217,000 in March 2020.
  • While days on market stayed consistent from the same time the previous year at 63 days, inventory decreased by 10.6 percent from 52,404 homes available in March 2019 to 46,852 homes in March 2020.
  • The current median home value in Illinois is $204,839, a 1.2 percent increase from March 2019, according to Zillow. Within the next year, Zillow’s forecasters anticipate that home value with decrease by about 2.4 percent.
  • Gov. Pritzker’s stay-at-home order effective on March 21, also included an order that enforcement of evictions cease for the duration of the state’s disaster proclamation.
  • In response to Gov. Pritzker’s stay-at-home order issued on March 21, Illinois Realtors issued guidance for Realtors clarifying that although real estate was considered essential business, Realtors should be sure to practice social distancing and reconsider holding open houses.

Downtown Chicago | Lance Anderson / Unsplash

Chicago (Cook County)

Confirmed cases as of June 29th: 89,755

Deaths as of June 29th: 4,502

Chicago, Illinois’ “Windy City” is located in the state’s northeast corner on the coast of Lake Michigan. The city is known for its impressive architecture and as playing host to the World Fair in 1893. The city’s population was last estimated at 2,705,994 in 2018 by the U.S. Census Bureau.

New listings in Chicago decreased by 22 percent in March 2020 year-over-year from March 2019 for all classifications of properties, according to the Chicago Association of Realtors. Total inventory also decreased by 12.7 percent to 7,717 homes in March 2o20, down from 8,840 homes the previous year.

The median sales price, however, saw an increase of 10.1 percent to $320,000 compared to March 2019 for all types of properties.

Average days on market increased by 2.9 percent from 102 days in March 2019 to 105 days in March 2020. Months supply of inventory only dropped slightly from 4.0 to 3.5 months year-over-year.

Downtown Rockford | Earl Wilkerson / Getty Images

Rockford (Winnebago County)

Confirmed cases as of June 29th: 3,004

Deaths as of June 29th: 92

Rockford is located in the northern part of Illinois, near the Wisconsin border and along the banks of the Rock River. Its population was last estimated at 146,526 by the U.S. Census Bureau in 2018.

In March 2020 the Rockford metro area saw 337 closed sales across all properties, a 3.1 increase from 327 closed sales in March 2019, according to Illinois Realtors. However, that increase in closed sales did not compare to the 17.0 percent increase in closed sales between February 2020 and March 2020 when closed sales jumped from 288 to 337.

The median sales price for all properties in March 2020 was $138,000, a 20 percent increase from median sales price the year before, which was $115,000. The month-over-month change in median sales prices between February and March was also significant, with a 14 percent increase from median sales price of $121,000 in February 2020 to $138,000 in March 2020.

Although home values have risen over the last year, Zillow anticipates they will fall 2.6 percent within the next year. Currently, homes in the Rockford metro area spend an average of 98 days on Zillow.

 

Peoria riverfront | ghornephoto / Getty Images

Peoria (Peoria County)

Confirmed cases as of June 29th: 476

Deaths as of June 29th: 28

Peoria is located in central Illinois along the Illinois River, and most recently had a population count of 111,388, according to estimates from the U.S. Census Bureau in 2018.

The Peoria metro area had 409 closed sales on all properties during March 2020, a 4.9 increase year-over-year from 390 closed sales in March 2019, according to Illinois Realtors. Between February 2020 and March 2020, closed sales also saw an increase by 26.6 percent from 323 closed sales in February to 409 closed sales in March.

The median sales price for all properties during March was $122,000, a 12.2 percent increase from the median sales price of $108,750 the year before in March 2019. Month-over-month the median sales price increased by 11.9 percent from $109,000 in February to $122,000 in March.

Zillow currently expects home values to fall by about 2.1 percent over the next year in Peoria. On average, homes in the metro area spend 122 days on Zillow.

Illinois State Capital Building in Springfield | ghornephoto / Getty Images

Springfield (Sangamon County)

Confirmed cases as of June 29th: 411

Deaths as of June 29th: 33

Springfield is located centrally in the state of Illinois about 70 miles south of Peoria. The city is known for being the home to President Lincoln during his years preceding his tenure in the White House. Springfield’s population was last estimated at 114,694 in 2018, according to the U.S. Census Bureau.

The Springfield metro area has 237 closed sales on all properties in March 2020, a 4.9 percent increase year-over-year from 226 closed sales the year before. Month-over-month, closed sales increased by 37.8 percent between February 2020 and March 2020 from 172 to 237 total closed sales on all properties.

The median sales price on all properties during March 2020 was $147,000, a 15.3 percent increase from the median sales price of $127,500 in March 2019. The median sales price also saw a spike between February 2020 and March 2020 from $132,500 to $147,000.

Zillow predicts that home prices in the Springfield metro area will fall by 2.5 percent within the next year. Springfield listings on Zillow, usually spend an average of 84 days on the market.

Additional Resources

  • Midwest Real Estate Data LLC (MRED) has launched a digital toolkit to gather educational opportunities, resources, subscription deals to a variety of vendors and weekly market data.
  • Illinois Realtors has a COVID-19 resources page on its website for Realtors, including FAQs, information about loan programs, updates from the state government and more.
  • Chicago Association of Realtors also has its own COVID-19 resources website page with information about government orders, financial assistance, property management resources and more.
  • Housing Action Illinois has a COVID-19 resources page related to housing and homelessness on its website with various general resources, legal resources, homeowner and renter assistance, assistance for immigrants and more.

Email Lillian Dickerson

Compass | coronavirus | RE/MAX
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