Call It a Comeback
Who knew that the housing market rose with the temperatures? This June, the Chicago area saw an increase in existing home sales of 14.2% over the prior year. This number marks the highest rate since 2006!
How many homes is that exactly? According to a recent report from the Illinois Association of Realtors, this translates into 13,100 houses.
Statewide, more then 17,000 buyers snatched up new residences, marking a 12.5% increase from the year before.
Adding to this momentum are increased home values. In the nine counties that make up the Chicago-area housing market, the median house price rose to $232,500. This is an increase of 5.7% from a year ago.
Chicago's Current Housing Market
Within Chicago's city limits, home sales grew by 9.3%. The median home price soared from $275,000 to $290,000, propelling 3,110 home purchases over the course of June.
Chicago's Current Condo Market
The condo market made slower gains over the month of June, with median prices rising only 4.5% over the past year. The number of condo units sold also rose, totaling 2,027.
What This Means For You
The crunched numbers earn an optimistic outlook from the experts:
"Median prices in Chicago have increased steadily since October 2012, providing a remarkable comeback story for the city’s real estate market,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. in Chicago.
And, it should be noted that the time it took to sell an Illinois home dropped from last June's 68 days down to 63. Overall, these market improvements point toward an enthusiastic economy:
Consumer interest remains keen, as shown by the month-over-month increases in sales recorded since February and the relatively short time it is taking to sell a home.”
Whether you're a potential buyer or seller, June's numbers offer multiple reasons to join the market. A robust market and steady inventory indicate a mutually-beneficial situation from either side of the housing transaction, with buying solidly better than renting. When you're ready to begin a conversation with an agent, drop the Real Group Team a line! We look forward to helping you through either process of buying or selling a home!
