What's going on in Illinois housing?

April 10 2018


There's a lot of good news on the horizon for Illinois real estate buyers and investors -- particularly those in Chicago. Not only is price growth slowing down, but according to data from Zenlist, it looks like sellers might even be willing to negotiate on those prices. Both single-family and attached homes are selling for 4 percent less than their listing price, indicating there might be wiggle room for interested homebuyers.

 

Here are some other housing market highlights:

Home prices will remain fairly steady through the end of the year. Prices are expected to fluctuate throughout the year due to seasonal spikes in demand. But the state's forecasted median price for December 2018 is just $189,000 -- which is on par with today's prices.

 

Thirty-two counties reported sales gains in January 2018. Peoria County saw a 20 percent jump in sales in January. Madison County wasn't far behind, with a 17.8 percent increase.


Price growth has slowed down on Chicago's single-family homes
. If you're considering a bigger property or still haven't built your dream home, the time to act might be right now.

 

Here's a current snapshot of the Illinois and Chicago markets:

 

Illinois

Median home price: $185,000

Average days on market: 65

Inventory available: 45,000 homes

 

City of Chicago

Median home price: $265,000

Average days on market: 51

Inventory available: 7,000 homes

 

Chicago Metro Area

Median home price: $224,000

Average days on market: 55

Inventory available: 27,000 homes

 

It looks like this year is primed to be a banner one for Illinois- and Chicago-area homebuyers. Do you want to take advantage of the healthy Illinois housing market? Contact us today to get the process started!

 

Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Midwest Community Bank, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you. Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.