Now that we’re in the height of summer in Chicago, we thought now might be a good time to take a look back at how the market fared through the busy spring season. Nationwide, new construction housing starts surpassed expectations for the 2nd quarter, with residential starts reportedly increasing by 4.8% from May to June.
Locally, Chicagoland home sales in May increased by a whopping 13.8% compared to May of 2015, while the number of days homes were sitting on the market declined by about 4% overall. The Median home price in the nine-county Chicagoland area increased by just over 4% in June, which is now listed at $231,000.
In Chicago specifically, the median sales price also spiked from $280,000 in June 2015 to $289,450 in June 2016. Furthermore, the median price for a new constriction home in Chicago was also on the rise, increasing from $496,403 in June 2015 to $559,000 this past June.
Overall, Chicago is seeing plenty of momentum within the new construction sector, especially as demand and prices continue to rise. Interest rates are remaining near historically low levels, which is certainly contributing to the Windy City’s robust marketplace right now. And although the luxury real estate market in Chicago saw a somewhat slower 2nd quarter, it’s still much healthier than it was this time last year.