Illinois spring housing market not as a hot as previous years

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The Illinois housing market is seeing the anticipated higher sales volume and prices associated with the season, but this spring’s market was less hot compared with last year, given that high mortgage rates and low inventory remain.

A For Sale sign is posted in the 2500 block of West George Street in the Avondale neighborhood of Chicago on July 11, 2023.

, wrapped up with month-over-month home sales and prices on the rise heading into the summer market, according to Illinois Realtors, a trade association for real estate agents.Illinois Realtors found that as of June, the median sales price of a home in the city limits was $355,000, up from $335,000 and $340,000 in May and April, respectively. It was $349,940$291,946 statewide in June. That’s up from $330,000 and $275,000, respectively, in May, and $320,000 and $272,250, respectively, in April.

Typically a busy season for home buying and selling, this spring proved the same, yet it is a much slower market compared with past spring seasons given that many Among the 50 biggest markets, Chicago was atop the pack in home value growth from May to June at 2.1%, a trend seen among more affordable metro areas, according to Zillow. Zillow data also shows that Chicago’s rent prices remain some of theTypical monthly mortgage payments in the Chicago metro area for homebuyers who purchased with a 5% down payment remain much higher this quarter year-over-year, with June data from Zillow showing a monthly payment of $2,074, a 0.

“As long as you have these shortages of homes, you are going to have competitive price pressures in the housing market, and that is an issue,” Divounguy said. “And I think policymakers ought to help builders zoning reforms to allow for more new construction.”Chicago’s rental market is stabilizing but seeing some of the fastest price increases in the USAfter some weeks of decline, the end of April started another upward trend in mortgage rates.

Median sales prices for single-family and attached homes in the Chicago suburbs were $386,000 and $255,000, respectively, in June. Mainstreet Organization of Realtors attributes the higher prices for attached homes to the lack of affordable housing in the region and nation as a whole, as well as the demand from baby boomers.

 

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