DataMarkets & Economy

Illinois housing market conditions swaying toward sellers, Realtors say

Illinois Association of Realtors found a dip in inventory and days on market, pushing prices upward
  • Home sales dipped 6.8 percent in the state of Illinois and 7.3 percent in the city of Chicago.
  • Home sales increased in 33 Illinois counties in July 2016 compared with the previous year, with notable gains in Grundy, McHenry and Madison counties.
  • Falling inventory and days on market pushed the statewide median home price 4.7 percent to $199,000.

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This year continues to prove itself as a promising year in Illinois real estate. According to an Illinois Realtors report, inventory and days on market are trending downward while home prices are increasing throughout the state and in 33 counties. While home sales are trending downward in the state, most signs point to the issue being the lack of available inventory. Much of the market remains active and buyers are showing interest throughout the state, the report shows. Homebuyers are taking advantage of the mortgage rates, which, according to to the Federal Home Loan Mortgage Corp, are lower on a monthly and annual basis. In July, the 30-year fixed-rate mortgage was reported at 3.44 percent, down from 3.57 percent in June and 4.04 percent in July 2015. But the market is still suffering from a lack of available inventory, the report says, helping to push up prices. The total pool of available homes in the state fell to 65,998, or 14.4 percent, from the 77,069 properties lis...