The Illinois housing market continued to bounce back in September with a surge in home sales and higher median prices. Both median prices and sales experienced a positive annual change in both Illinois and the Chicago Primary Metropolitan Statistical Area. In the Metro Chicago Housing Market, which comprises the nine counties, 12,451 properties were sold, changing by -7.9% from a month ago and 38.7% from a year ago, according to the latest report by Illinois REALTORS.
Sales of both single-family homes and condos surged by 43.3% and 30.5% respectively. With continued record low-interest rates, there's an increase in demand for properties as indicated in the 38.7% increase in closed sales of all properties.
However, as cold weather approaches the month over month sales would see a traditional decline. The sales predicted for October, November, and December suggests an increase on a yearly basis and a decrease on a monthly basis for both Illinois and the Chicago PMSA
Chicago home prices are on the rise due to a very tight supply and low mortgage rates. More homebuyers are entering the bidding wars to scoop up their favorite deals. According to local realtors, the housing market will remain hot even when the weather is cooling. Stronger buyer activity will continue with speedy sales and multiple offers leading to price gains.
The median price forecast for Chicago MSA is 12.4% in October, 13.1% in November, and 12.6% in December. The annual sales forecast shows an increase in the range of 24.2% to 32.7%. On a monthly basis, the three-month average sales are predicted to decrease in the range of -6.3% to -8.5% (source: Illinois Realtors®).