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

The city's single-family market outperformed the condo sector
  • 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. Inventory is said to be driving pricing, with the shortage of available homes forcing interested buyers to act quicker and make competitive offers. Entering February, the city's for-sale housing inventory, including condos, was at 7,292, down 17 percent year-over year. Speaking of condos, this sector posted a consistent sales figure in January, with activity only down 0.5 percent year-over-year. The median price of the 766 condo sales last month was $267,500, down 6.1 percent year-over-year. Combining single-family home and condos sales, the city of Chicago sa...