Markets & Economy

Chicago real estate trends not keeping pace with rest of Illinois

Report shows that 46 counties experienced growth
  • Illinois overall sales and median price rose in March.
  • Dr. Hewings attributes some growth to increased interest in foreclosure properties in appealing neighborhoods.
  • Home sales and prices grew in Chicago on an annual basis.

A monthly market report published by Illinois Realtors shows that both home sales and home prices increased year-to-date in March. Overall, home sales rose 1.9 percent while home prices ascended 4.3 percent. Statewide sales numbers show that home sales rose to 11,900 from 11,676 this time last year, and the median sale price jumped to $172,000 from $164,950. March also saw a decrease with average time to sell dropping from 85 to 77 days. The time it took to sell a home in March averaged 77 days, down from 85 days a year ago. Available housing inventory totaled 58,613 homes for sale, a 12.3 percent decline from March 2015 when there were 66,852 homes on the market. "March recorded the usual monthly surge in sales in both Chicago and Illinois,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, in a press release issued Wednesday. Hewings leans toward the increase in prices on foreclosed properti...