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Chicago home sales and prices rose in March – What comes next is anyone’s guess

View of the downtown Chicago skyline

View of the downtown Chicago skyline

Home sales in the city of Chicago increased by 1 percent this March, according to the latest information from the Illinois Association of REALTORS® . Unfortunately, no one knows what will happen next with the local housing market, due to COVID-19.

According to the REALTORS® association report, home sales in Chicago this March hit 2,082. That’s up 1 percent from the same month a year ago, when home sales stood at 2,062

Also in March, the median price of a home in the city of Chicago stood at $320,000. That’s up a significant 10.1 percent compared to March of 2019. Back then, the median home price in Chicago was $290,700.

The challenge here is in determining what the future will hold for the Chicago housing market. It seems certain that home sales and median home prices will fall as the economic impact of the COVID-19 pandemic continues. No one knows yet, though, how far prices will fall and how slower the Chicago housing market will be.

There’s still some good news; both sales and prices increased in March. It’s true that the full impact of the coronavirus wasn’t yet being felt for much of the month, but the positive momentum was still nice to see.

It’s important to understand, though, that there will still be home sales in Chicago even during the pandemic. People still need homes. People will still move. Yes, the market will slow. But if you’re selling, there will still be buyers for well-priced homes.

The key, as always, is to work closely with your realtor to make sure you are setting the right asking price. The better your price, the more likely you are to attract the greatest number of possible buyers.