Illinois’ February Housing Report: Prices Continue to Rise, Sales Drop
2017 continues to be a strong year for Illinois and Chicago real estate. Despite a drop in the total amount of home sales, prices of homes has actually increased – great news for homeowners!
Median home prices in Illinois rose 6.3% in February , while statewide home sales decreased 2.8% for the same period.
Statewide home sales (including single-family homes and condominiums) in February 2017 totaled 8,461 homes sold, down 2.8% from 8,704% in February 2016.
The statewide median price in February was $170,000, up 6.3% from February 2016, when the median price was $160,000. The median is a typical market price where half the homes sold for more and half sold for less. Available housing inventory totaled 51,227 homes for sale, a 14.9% decline from February 2016 when there were 60,168 homes on the market.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in February 2017 totaled 5,891 homes sold, down 5.2% from February 2016 sales of 6,214 homes. The median price in February 2017 was $210,000 in the Chicago PMSA, an increase of 12.0% from $187,500 in February 2016.
According to the data, forty-six (46) Illinois counties reported sales gains for February 2017 over previous-year numbers, including Rock Island County, up 74.3% with 122 units sold; Peoria County, up 13.0% with 148 units sold; and Kane County, up 0.3%with 385 units sold. Fifty (50) counties showed year-over-year median price increases including Lake County, up 28.0%to $215,000; Cook County, up 10.5 percent to $210,000; and McLean County, up 6.0% to $158,000.
The city of Chicago saw a 4.0% year-over-year home sales decrease in February 2017 with 1,505 sales, down from 1,567 in February 2016. The median price of a home in the city of Chicago in February 2017 was $246,000, up 4.2%compared to February 2016 when it was $236,000.
Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 13, 2017 for the period Feb. 1 through Feb. 28, 2017. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.