AgentMarkets & Economy

Homebuyers in Chicago have short windows of time to make a move

Both see nearly 3 percent year-over-year increases
  • The Chicago market hasn't experienced the type of price and sales activity increases other primary markets have witnessed.
  • The median price of foreclosed properties is the reason for the increase in overall median price.
  • The state has lower inventory than a year ago.

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When it comes to home sales activity, "consistency" seems to accurately describe the state of Illinois. During August, a combined 15,088 single-family homes and condos sold statewide, up 0.9 percent from August of last year, when 14,957 homes traded. According to data from the Illinois Association of Realtors, the nine-county Chicago primary MSA contributed 10,852 sales to the August 2015 total. This sales volume represents a 2.8 percent increase from the 10,554 sales the MSA saw in August of last year. At the same time, the median price in the MSA grew by 2.7 percent year-over-year to $220,900. “Of interest in Chicago was the fact that the median price of non-foreclosed properties remained virtually unchanged while the median price for foreclosed properties increased,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. Distressed sales accounted for 13.5 percent of all August transactions withi...