August is More of the Same: Chicago Home Sales Down, Prices Up
August was more of the same when it comes to the Chicago housing market: Sales during the month were down across the city. But those homes that did sell sold for higher prices than they did a year ago.
That’s the takeaway from the August sales stats released last week by the Illinois Association of REALTORS®.
According to the association, the number of homes sold in August in the city of Chicago fell 4.5 percent this August when compared to the same month one year earlier. The association reported that the city saw 2,716 home sales last month. In August of 2016, the city saw 2,844.
But while the number of sales dipped, the median sales price of a home in August in the city rose on a year-over-year basis. According to the association, the median price of a Chicago home hit $285,000 in August. That is up 5.2 percent when compared to August of last year, when the median price was $271,000.
Why the sales slowdown? It’s no mystery. The number of condominiums and single-family homes on the market across Chicago is down. There simply aren’t as many homes for buyers to choose from today in the city. This situation is especially noticeable in the city’s most popular neighborhoods, places like Lakeview, Lincoln Park and Lincoln Square.
Some buyers have simply been left on the sidelines, waiting for their ideal Chicago home to hit the market. They’re not buying until they find the condo or single-family home that’s right for them and their families.
If you’re selling a Chicago home today, you’re in luck. The city housing market remains one favoring sellers. If you price your home well, stage it to showcase its best features, you might find more than one potential buyer bidding for it. And that’s a great situation for any seller.