A Mixed Bag of News Regarding September Chicago Home Sales
Ready to sell your Chicago condominium or single-family home? Then the latest research from the Illinois Association of REALTORS® has a mix of both good and bad news.
First, let’s get the bad news out of the way: There aren’t quite as many homes selling in Chicago these days.
The REALTORS® association reported that the city of Chicago saw a dip of 3.7 percent in home sales in September when compared to the same month one year earlier. There were 2,309 home sales in the city in September this year. Last September, there were 2,398.
Why the dip? Much of this can be attributed to a lack of inventory. There simply aren’t as many condos and single-family homes on the market in Chicago today. Buyers searching in particularly hot neighborhoods, places like Lakeview, Lincoln Park and Lincoln Square, might bet especially frustrated when hunting for a new home. Inventory levels are low in these parts of the city.
In better news for sellers? Homes that do sell in Chicago are typically fetching higher prices.
The Illinois Association of REALTORS® reported that the median price of a home sold in September in Chicago stood at $275,000. That’s a solid increase of 5.8 percent when compared to September of last year.
Of course, it’s important to remember that there is a difference between the average home sale price and the median price. The median is that price point at which half of all homes sold for more and half for less. In September, then, half of all Chicago homes sold for more than $275,000, while half sold for less.
What’s important is that this median figure continues to rise. The median sales price has risen on a year-over-year basis for more than four years straight now. That’s the most positive sign of all for sellers: Buyers are willing to pay solid prices for the right condo or single-family home. Sellers just have to work with REALTORS® to market their homes properly and stage them for buyers.