Illinois home sales increased year over year during April, even though just 16,403 homes were available: the second-lowest monthly level ever recorded by Illinois REALTORS®. The lowest occurred in March.
With 11,539 homes sold, statewide sales were up 6.9%, new data from the association reveals. The median sales price was $292,000, an increase of 8.1% from last year.
In the Chicago metro area, sales were up too. Though inventory decreased 7.5%, with 11,928 homes on the market, sales rose 5% in April with 8,075 homes sold. The median price was $350,000, a 9.4% increase.
The picture was similar in the city proper, too. There, home sales increased 5.5% year over year with 2,189 sales from the total 4,495 homes available, which reflects a 9.4% decrease. Meanwhile, the median price rose 8.8% to $370,000.
“It is pleasing to see the increase in home sales from a year ago, but interest rates and the limited numbers of homes available for sale are still a major concern for consumers right now,” Illinois REALTORS® President Matt Silver said in a press release. Recently, Silver advocated for the creation of a homebuyer savings account, SB 3497, before the Illinois Senate Revenue Committee.
“We are trying to work with elected officials at every level to provide incentives and take other steps to increase the number of affordable, available homes in Illinois,” he said.
Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration, also offered his analysis. “The number of sales is approximately the same as at this time last year,” he said. “The number of sales and median prices should continue to increase steadily through the end of June.”
Agreeing that the numbers are consistent with historical trends, Chicago Association of REALTORS® President Erika Villegas called the sale increases “signs of an active spring season,” and added that, “sellers considering listing may want to make plans to act quickly in a pinched inventory market.”