CHICAGO—After spending a significant stretch of time in the doldrums, the state's spring housing market got off to a strong start in March with sharp gains in year-over-year home sales and median prices, according to the Illinois Association of REALTORS®.
Home sales totaled 11,416, up 13.1% from March 2014 when 10,093 homes were purchased. And the statewide median price rose to $165,000, an 11.5% gain over last March when the median hit $148,000. As reported in GlobeSt.com, a recent analysis by RE/MAX found that sales in seven northern counties jumped 13%.
“Buyers are becoming quite aggressive when it comes to looking for a home this spring,” says Jim Kinney, president of the Illinois Association of REALTORS® and vice president for luxury sales for Baird & Warner in Chicago. “The surge in sales and median prices throughout the state in March clearly shows consumers know they have to be willing to pay more as they face a slightly smaller number of homes on the market this year versus last.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
