February 2018 Illinois Market Report: Home Values on the Rise
In our continuing monthly series on Illinois market activity we bring you some great news for sellers! According to Illinois Realtors the median home prices in Illinois have jumped up 8.8% from the median market value in 2017.
In February statewide home sales totaled 8,151 homes sold, down 5.1 percent from 8,585 the same month last year.
The average time it took to sell a home in February was 71 days, down from 74 days a year ago. Available housing inventory totaled 47,108 homes, a 12 percent decline from February 2017, when there were 53,522 homes on the market.
The city of Chicago saw year-over-year home sales decline in February with 1,490 sales, compared to 1,529 the previous year. The median price of a Chicago home in February was $272,000, up 10.6 percent compared to February 2017 when it was $246,000. In addition, Cook County reported a sales gain up 10.6 percent to $232,250.
In the nine-county Chicago Metro Area, home sales in February 2018 totaled 5,722 homes sold, down 4.2 percent from 5,971 homes sold last year.
These numbers point towards a need for buyers to be more proactive than ever in their home search due to the limited availability of housing stock and rising home prices. Feel free to contact me with any questions or concerns about the buying or selling process.
Contact me to go over your options. Message me or call 630.460.7953.
About Gerardo Zavala:
Gerardo Zavala is a full-time REALTOR® at Realty of Chicago, a full-service real estate agency founded by Eduardo “Eddie” Garcia in 2005. Both Gerardo and the agency specialize in marketing residential, commercial, and investment properties through its vibrant social media and video channels. The company’s motto “#LoveWhatYouDo” is an empowerment to everyone that is living their dream just as ROC agents do.
Sales and price information are generated by Multiple Listing Service closed sales reported by 27 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 7, 2018 for the period Feb. 1 through Feb. 28, 2018. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.