It’s a consistent market: Home sales fall in September in Chicago, but median prices rise
Selling a home in Chicago? It might take you longer to find a buyer. But when you do, the odds are solid that you’ll fetch a good price for your single-family home or condo.
That’s the takeaway from the latest sales report from the Illinois Association of REALTORS®. According to the association, year-over-year home sales in Chicago fell 4.2 percent in September, with 1,954 sales recorded. During the same month a year ago, the city saw 2,040 home sales.
The median sales price of a home in the city in September rose to $292,750. That’s a jump of 2.7 percent compared to September of 2018, when the median home price was $285,000.
Remember, the median price isn’t the same as average price. The median is that price at which half of all homes sold for more and half for less. In September, then, half of all homes in Chicago sold for more than $292,750 and half sold for less.
If you’re ready to buy a home, know that if you have a solid credit score, you might qualify for a low interest rate. According to the association’s report, the monthly average interest rate for a 30-year, fixed-rate mortgage in Illinois in September stood at 3.61 percent. That’s down slightly from a month earlier, when that rate was 3.62 percent.
That low rate is significantly better than what buyers could have expected a year ago, though. In September of 2018, the average rate on a 30-year, fixed-rate mortgage was a higher 4.63 percent.
Home sales in Chicago remain slow when compared to other major markets across the country. That doesn’t mean, though, that you can’t achieve your housing goals, whether you are selling a condo or single-family home or looking to buy one. The key is to work with a REALTOR® who knows your neighborhood and can help you find a home for a fair price or market your Chicago home to the deepest pool of potential buyers.