DataMarkets & Economy

Illinois Realtors report home sales and prices on the rise

Illinois Realtors data for June finds an increase in demand and shrinking supply
  • Illinois home sales increased 1.4 percent annually, and the median price grew 5.8 percent statewide in June 2016.
  • Days on market dipped in June to an average 55 days in Illinois, down from 62 days a year prior.
  • In the nine-county Chicago Primary Metropolitan Statistical Area, June home sales grew 2.1 percent year-over-year, and the median price increased 4.6 percent.

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The hot weather in Illinois this summer isn't stopping homebuyers from staying active in the market. According to the Illinois Realtors, the median home price throughout the state increased 5.8 percent annually in June, and homes are selling at a faster pace. The state is looking more like a sellers market with a diminished supply of properties for buyers to sift through. Homes were listed for an average 55 days in June, lower than the 62 days on market seen the prior year. Inventory took a big fall in June, when there was a pool of 64,724 homes for sale in the state -- a 15.1 percent decline year-over-year. The high demand and low supply is pushing up home prices throughout the state, which saw a 7.3 percent gain in year-to-date median price, to $183,174. Throughout the state, 42 counties reported a year-over-year gain in home sales, and 48 counties saw an increase in median price. Tazewell County and McHenry County increased significantly, with a respective uptick of...