CHICAGO—The state's housing market had its customary spring jump in March, but buyers were also much more active than they were one year ago. Home sales climbed 9.6% over previous-year levels and the statewide median price surged 10.7%, according to Illinois REALTORS®.
Statewide home sales in March 2017 totaled 13,274 homes sold, up from 12,116 in March 2016. The statewide median price in March was $189,900, up from $171,500 one year ago. The totals are in line with what has been seen for months: a steady increase in prices and sales, but with a depressed inventory.
“Nothing in the data suggests that we will see any dramatic changes in 2017,” Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, tells GlobeSt.com. It is possible that changes could happen due to a resolution of the state's budget deadlock, or if the promises from the Trump Administration to overhaul the tax code come to fruition. However, “everything I've seen makes it clear that this will take much longer than originally thought.”
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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.
