CHICAGO—The state's housing market currently looks great for those who do decide to sell their homes, with closings happening faster than ever and at steadily increasing prices, but seasonally low inventory levels caused sales to slow in April, according to Illinois REALTORS®. And some housing experts say a cloud or two has appeared on the horizon, and may have a harmful impact later in the year.
Statewide home sales in April 2017 totaled 13,958 homes sold, down 3.4% from 14,453 in April 2016. The statewide median price in April was $200,000, up 7.5% from April 2016, when the median price was $186,000.
“It's clear from the relatively short average time to sell that buyers really do want to find a home,” says Doug Carpenter, Illinois REALTORS® president and managing broker of Coldwell Banker The Real Estate Group in Orland Hills. “The problem is they are having to work much harder to find one that meets their criteria due to a shortage of options.”
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.
