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Illinois spring housing market started early !

May 14, 2023

The Illinois housing market is continuing to cool off from the pandemic housing boom, with the number of home sales still down significantly while prices are holding steady compared with the first quarter of last year, housing experts say.

Yet, for both the Chicago metro area and Illinois as a whole, prices and sales began increasing month-over-month in February and continued the trend in March, according to Illinois Realtors, a trade association for real estate agents.

Illinois Realtors found that as of March, the median price of a home in the city of Chicago was $334,000, up from $312,500 in February. It was $310,000 for the Chicago metro area and $259,000 statewide in March, and $290,000 and $240,000, respectively, in February.

The housing market began its seasonal rebound in February this year, which is earlier than is typical, and home sales and median sale prices are expected to continue to increase as spring moves along, according to housing experts. Spring is typically a time when the number of real estate transactions starts to pick up again after the slower winter months.

“Our forecast is for prices to appreciate through July, but at a lower rate than last year. We expect the number of sales to grow at a faster rate over the next quarter than last year’s rate,” said Daniel McMillen, head of the department of real estate at the University of Illinois at Chicago, in a statement.

Trends coming out of the Chicagoland suburbs are similar to and different from those in Chicago and Illinois. Sales of homes in first quarter 2023 were down significantly compared with the same period last year, with sellers hesitant to list their homes for sale because it would mean trading their low mortgage rates for higher ones, according to Mainstreet Organization of Realtors, a membership association for realtors in DuPage, Lake, and western and southern suburban Cook County. Many sellers are unwilling to trade their low mortgage rates for higher ones, helping to create a severe inventory shortage.

 


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