Illinois home sales in March rose by 9.6 percent, while the statewide median price saw a 10.7 spike, according to data from Illinois Realtors
Statewide home sales in March, including single-family homes and condominiums, totaled 13,274 homes sold, up 9.6 percent from 12,116 in March 2016. The statewide median price in March was $189,900, up 10.7 percent from March 2016, when the median price was $171,500.
The time it took to sell a home last March averaged 67 days, a 10-day drop from 77 days a year ago. And the available housing inventory totaled 52,826 properties, 15.5 percent below the March 2016 when there were 62,492 homes available for sale.
As for Illinois’ biggest city, Chicago saw a 15.3 percent year-over-year home sales increase in March with 2,478 sales, up from 2,149 in March 2016. The median price of a home in the city of Chicago was $295,000, up 9.7 percent year-over-year from $269,000.
“Consumers this spring have no choice but to be nimble as they find fewer homes on the market and increased competition for those homes,” said Illinois Realtors President Doug Carpenter, managing broker of Coldwell Banker Honig-Bell in Orland Hills, Ill., who added that many local real estate brokers were “reporting an increase in multiple offer situations, which means buyers can’t dawdle when they find what they want and they may want to make sure any offer they bring is an aggressive one.”