Home Sales Booming in Chicago This Spring
Spring is traditionally the busiest time of the year for home sales. This seems to be holding true this year in the Chicago housing market.
According to the latest numbers from the Illinois Association of REALTORS®, both sales and median sale prices rose in the city of Chicago this March.
The association reported that 2,478 condos and single-family homes sold in the city of Chicago this March. That’s a good number, up 15.3 percent from the 2,149 home sales the city saw in March of 2016.
At the same time, and of utmost importance to sellers, median sales prices are rising, too. The association said that the median price of a home sold in the city of Chicago in March was $295,000. That, too, is a good number, up 9.7 percent from the median price of $269,000 in March of 2016.
It’s important to understand, though, that median price is not the same as average price. The median price is that number at which half of the city’s houses sold for more and half for less. So in March, half of the Chicago homes that moved off the market sold for more than $295,000, while half sold for less.
It also took sellers less time to sell their homes throughout Illinois during March. According to the association, it took owners an average of 67 days to sell their homes during the mouth, down from 77 days a year earlier. Part of this is because there simply aren’t as many homes on the market. The association reported that there were 52,826 homes for sale in March throughout the state. That is down 15.5 percent from the 62,492 homes available for sale in March of 2016.
If you’re ready to sell a condo or single-family home in Chicago, the association’s report is certainly good news. If you’ve been waiting to sell? This might be the perfect time to enter the market.