According to recently released numbers from the Illinois Association of REALTORS®, home sales all throughout the Chicago area saw significant gains in November compared to this year. It the entire 9-county region, the market saw just under 7,000 sales last month, which is up a jaw-dropping 16% compared to November 2015.
With sales still booming, inventory, however, continued to decline and is down by 17.5% from just one year ago. The good news, though, is that the spike in sales during what’s usually a relatively slow time in the marketplace continues to show housing demand is strong all over Chicago.
But with mortgage rates climbing and low inventory continuing to push home prices up, which should continue over the first quarter of 2017, we could start to see home sales growth slow down a bit throughout the upcoming year.