CHICAGO—The strong start to Illinois' spring housing market continued in April with gains in year-over-year home sales and median home prices, according to the Illinois Association of REALTORS®. The trade association found that statewide home sales in April totaled 12,822, up 6.6% from April 2014 when 12,032 homes sold. And the statewide median price rose to $170,000, a 9.7% gain over April 2014's statewide median of $155,000.
Using a slightly different methodology, RE/MAX recently reported that 9,037 units in the seven-county metro area were sold last month, 7.5% more than in April 2014. Furthermore, the firm found that the median home sales price in this region was $210,000, an 11% boost over the prior April.
"Throughout Illinois we are seeing tight housing inventories and this dynamic is providing encouragement for homeowners to get their property on the market," says Jim Kinney, president of the realtors' association and vice president for luxury sales at Baird & Warner in Chicago. "Demand is so high right now that buyers are willing to pay the prices that result from the decreased number of homes on the market this spring."
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