Chicago home sales, prices up to start the year says IAR

  • January homes sales activity in Chicago bodes well for the market's spring selling season.
  • Single-family home prices are being pushed by declining inventory.
  • One of the city's largest brokerages is seeing more interested buyers ask for new construction.

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The city of Chicago’s housing market got off to a positive start this year, with single-family home sales totaling 597 in January. This total represents a 3.3 percent increase in activity on a year-over-year basis, according to data from the Illinois Association of Realtors. Better news for single-family sellers, the median home price of a single-family home rose to $185,000, a 13.8 percent year-over-year rise.