So far in the early part of 2017, home sales across the state of Illinois are on the rise. According to the most recent data from the Illinois Association of Realtors, the number of sold homes is up 9.3% compared to this time last year, and homes across the board are also selling at a faster pace as well.
What’s even more surprising is that as more homes are selling, and at a quicker rate, home prices are also on an upward trend, jumping 12.4% compared to February 2016. Most industry experts are attributing a low housing supply to both the rise in home prices and the pace at which homes are selling, and in most cases, buyers are also looking to buy sooner rather than later to avoid a hike in mortgage rates, which is widely expected to continue throughout much of the year.
Here in Chicago, home sales year-over-year in February actually dropped by 4% according to the same data from the Illinois Association of Realtors, with 1,567 home sales in 2016 and just 1,505 home sales this year. The median price in Chicago, however, did jump up a bit, increasing by 4.2% from $236,000 in February 2016 to $246,000 in February 2017.