Home Prices Climb as Inventory Remains Low in Illinois

Illinois Association of Realtors

New numbers released by the Illinois Association of REALTORS® point out that in April, the trend of increased prices for homes continued but tighter inventory locked home sales numbers down. Statewide home sales in April 2014 totaled 11,845 homes sold, down from 12,846 in April 2013. The number of houses on the market in April was down 10.9 percent compared to a year earlier, dropping from 71,135 homes for sale in April 2013 to 63,406 this year.

When it came to homes in Chicago specifically, it wasn’t as bad: home sales (single-family and condominiums) in April 2014 totaled 8,391 homes sold, down 9.9 percent from the sale of 9,312 homes in April 2013. The median price in April 2014 was $190,000 in the Chicago PMSA, up 9.9 percent from $172,950 in April 2013. The time it took to sell a home continued to drop year-over-year in April with listings averaging 65 days until sale, a 15.6 percent decrease compared to 77 days in April 2013.

This average cut down in the number of days a home is on the market is a big deal for buyers, as they need to be ready to move on a home because the chance that it will be available later is lower than ever. This means planning with both your loan officer and  REALTOR® to make sure you are ready to place an offer on the right home when you find it.
The full press release from the Illinois Association of REALTORS® is available if you learn more about the most recent sales figured, price trends and more for Illinois homes.