As 2017 reaches its final months, the most dominant trait in residential real estate continues to be low inventory. In Illinois, this meant in September that buyers race to snatch up homes quickly after they’re listed and for higher prices than last year.
According to Illinois Realtors, statewide home sales were down 4 percent to 13,657 from September 2016, but the median price surged 6.9 percent to $192,500 from $180,000 last year. On average, homes sold within 51 days, down from 58 last year.
“Sellers are definitely reaping the benefits of a market which in many areas continues to be dogged by tight inventories,” said Illinois Realtors President Matt Difanis. “Although the summer selling season is drawing to a close, interest on the part of many buyers does not seem to be waning as evidenced by the short time on average it is taking to complete a purchase.”
The story is no different in the nine-country Chicago metropolitan area, where a lack of homes is driving down sales, according to Illinois Realtors. There were 9,634 sales last month, down 4.6 percent from September 2016, while the median price jumped 5.7 percent in that time to $230,000.
Only 30 counties in Illinois had more sales in September than the same month last year, including Kendall County in Chicagoland. Meanwhile, both DuPage and Cook counties experienced median price increases of 10 percent and 6.3 percent, respectively.