Chicago Real Estate Market Showing Signs of Spring

March came in like a lion for the Chicago real estate industry.
According to the Illinois Association of REALTORS®, home sale in the city of Chicago increased 37.3 percent from February to March.
Chicago home prices saw a boost, too. Single-family home values averaged $191,000, which is a 7.6 percent rise from the $177,500 the month prior.
In the nine-county metro Chicago area, home sales were up a whopping 41.3 percent from February to March, and the median home price rose 3.6 percent, from $152,500 to $158,000.
family in front of a sold homeThe entire state of Illinois posted a 40 percent increase in home sales for March. The median home price also rose, up from $128,000 to $130,000, a 1.6 percent increase.
“In March, the Illinois and Chicago housing markets were warming up as expected and as the sales forecast reveals, the housing sales volume is expected to increase for the next three months with a monthly growth in the 10-15 percent range for Illinois and 7-23 percent range for the Chicagoland region,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.
“The job market continues to provide some positive signs. The February unemployment rate in Illinois fell for the 13th consecutive month; the last time the state rate was below 9.0 percent was two years ago in February 2009.”
In all, 42 of 98 Illinois counties reporting showed year-over-year median price increases or no change for March, including Kankakee, up 10.4 percent, and Will, up 6.3 percent.
“The Illinois housing market is seasonal and we typically get a big boost in sales from February to March so it’s a positive sign to see this pace remain true as the market works to return to normal after the post-boom downturn and last year’s homebuyer tax credit effect,” said Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS®.
“It’s worth repeating that market conditions today are optimal for buyers. Interest rates remain below five percent and home prices are lower making affordability at an all-time high for investors and buyers with strong credit and the financial wherewithal. Sellers have an opportunity now to use the spring market when buyer interest is higher and the weather more cooperative to set the right price to sell.”
Happy Spring.