Strong Gain in Illinois Home Sales Good for Chicago Real Estate

chicago real estate home sale gainsAccording to the Illinois Association of Realtors, home sales in Illinois rose 15.9 percent over previous year levels in September. Real estate brokers say that the sales increase is a good sign that the market will continue to stabilize. And it’s not just an increase in sales that is boosting the market. Interest rates and consumer confidence are also factors that affect Chicago real estate.
Home sales in the state of Illinois totaled 10,689, and sales have been increasing since July 2011. In the Chicago area, there were 7,484 homes sold, which is a 24 percent increase from last year’s September sales. Home prices in the Chicago area have also been rising since last January, with the median September price now $160,000.
Forty-five out of the 103 counties in Illinois had an increase in home sales last month. DuPage, Kane and Kendall are the Chicago-area counties where home sales are on the rise.
In the city of Chicago, home sales rose 23 percent year-over-year. The condo market is also booming, as indicated by the many new condo openings we’ve been reporting on. Sales increased from 32.2 percent in the city with a total of 1,130 condos sold.
If September is any indication, it looks like the rest of 2012 will be a good time for the housing market.