There is quite a bit going on in Chicagoland’s various markets. To stay on top of it all, agents have to stay tuned into many different sources and outlets, and the full picture of the market is constantly evolving – meaning it can be very tricky to maintain that big picture, and sometimes even trickier to bring it to life for clients.
According to data from the Illinois Association of Realtors, home sales in the nine-county Chicago Metropolitan Statistical Area rose 6.1 over Feb. 2015’s figure. Sales were stronger in the suburbs than the city – according to the Mainstreet Organization of Realtors, sales of detached single-family homes in the suburbs rose 6.9 percent year-over-year sales, while in the city of Chicago, sales rose a more moderate 2.1 percent. Fifty-nine Illinois counties posted gains in sales in Feb. 2016, including Will County with a 12.6 percent increase and Cook County with a 3.6 percent increase. But Chicago led the way with home prices in February, seeing a 12.3 percent increase in median home sale price to $238,000. In comparison, the nine-county metro area’s median sales price rose 7.1 percent to $187,500.
Home sales and prices are only two of the many metrics and figures that agents use to decode the market. Market times, school rankings, inventory, Walk Scores – there are as many ways to measure the overall health and value of a locality as there are individual buyers and sellers. It all depends on what’s important to the client.
So consider this issue your handbook and guide to the Chicagoland market. Where are homes moving the fastest? Where are the best schools? What areas are safest? We’ve got you covered.