What's going on in Illinois housing?
April 12 2018
There's a lot of good news on the horizon for Illinois real estate buyers and investors -- particularly those in Chicago. Not only is price growth slowing down, but according to data from Zenlist, it looks like sellers might even be willing to negotiate on those prices. Both single-family and attached homes are selling for 4 percent less than their listing price, indicating there might be wiggle room for interested homebuyers.
Here are some other housing market highlights:
Home prices will remain fairly steady through the end of the year. Prices are expected to fluctuate throughout the year due to seasonal spikes in demand. But the state's forecasted median price for December 2018 is just $189,000 -- which is on par with today's prices.
Thirty-two counties reported sales gains in January 2018. Peoria County saw a 20 percent jump in sales in January. Madison County wasn't far behind, with a 17.8 percent increase.
Price growth has slowed down on Chicago's single-family homes. If you're considering a bigger property or still haven't built your dream home, the time to act might be right now.
Here's a current snapshot of the Illinois and Chicago markets:
Median home price: $185,000
Average days on market: 65
Inventory available: 45,000 homes
City of Chicago
Median home price: $265,000
Average days on market: 51
Inventory available: 7,000 homes
Chicago Metro Area
Median home price: $224,000
Average days on market: 55
Inventory available: 27,000 homes
It looks like this year is primed to be a banner one for Illinois- and Chicago-area homebuyers. Do you want to take advantage of the healthy Illinois housing market? Contact us today to get the process started!