Sales down, but prices up in Chicago housing market

The number of homes sold in the city of Chicago fell during the month of August. But those homes that did sell moved for higher median prices.

That’s the takeaway from the latest research report from the Illinois Association of REALTORS(R).

According to the report, the city of Chicago saw 2,543 home sales in August. That’s down 7.7 percent from the same month a year earlier. Back then, the city saw 2,754 home sales.

Homes, though, did fetch a higher median sales price. The association reported that homes in the city sold for a median price of $289,900. That’s up 3.5 percent when compared to August of 2018, when the median sales price was $280,000.

Why are home sales in Chicago down? That’s a big question. The association’s report, though, quotes an official who points to consumers who are uncertain about the city of Chicago’s upcoming budget, worries about a possible economic downturn in the country and the international trade wars that continue to rock the stock market.

Across the state, the association reported that it took an average of 45 days to sell a home in August. That figure is unchanged from a year ago. The number of homes on the market across Illinois stood at 60,149. That figure did change, falling 5.1 percent from the 63,389 homes for sale in August of 2018.

What do these numbers mean? If you’re selling a home, you should be able to fetch a solid price if your residence is located in a desirable area of the city and if you set the right asking price. If you’re looking for a home, you will have to deal with a limited inventory. There simply aren’t as many single-family homes and condos available for sale today as there have been in the past. You’ll have to act fast if you do find a home you like.