CHICAGO—In the strongest January market in several years, Illinois home sales and median prices posted robust year-over-year increases, despite lower inventory levels, according to the Illinois Association of REALTORS®. It was the 41st straight month that year-over-year prices increased.
Statewide home sales in January 2016 totaled 8,247 homes sold, up 3% from 8,003 in January 2015. The last time January home sales were higher was in 2013, when 8,654 homes sold. The statewide median price in January was $164,000, up 9.3% from last January's median of $150,000.
“The year appears to be getting off to a strong start, in no small part due to a mild winter,” says IAR president Mike Drews, broker-associate with Charles B. Doss & Co. in suburban Aurora. “Sellers are getting very good overall prices due to diminished inventories. The strong consumer demand which was evident throughout 2015 seems to be holding firm as we start off 2016.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
