What have home prices been doing in Chicagoland this year?
Median home prices in Chicagoland rose in 2016 and continued this trend in January. We're currently seeing a median list price of $269,000. The chart below is a good comparison of median list prices vs. median sales prices in Chicagoland. As you can see, asking prices and sales prices have been remaining well aligned, this indicates a healthy buyer pool for existing inventory.
Are home prices in Chicagoland going up or down?
Home prices in Chicagoland are for sure appreciating! The median sales price was up 10.5% in January compared to December. The median sales price right now is at $224,000. The great news is that comparing this year-over-year and we also see an increase of 6.7%! Homes in Chicagoland are a great investment right now and are expected to remain so.
Is Chicagoland in a buyers or sellers market right now?
If you've been on the fence about selling your home, now is a great time! Inventory of homes for sale in Chicagoland is at it's lowest point in years. There are only 4 months of housing inventory. Anything between 3-6 months could be considered a stable market so we're right at the low end of that and it's falling. Inventory below 3 months puts us in a sellers market where prices can rise and market times fall. Over 6 months and a buyers market takes over resulting in lower prices and longer market times.
What types of homes are for sale in Chicagoland right now?
A lot of Chicagoland homeowners may be concerned about foreclosures and short sales dragging down the market. Actually, we've seen the numbers of bank-owned and distressed properties fall in Chicagoland. In January, 84% of homes for sale were traditional sales. There were 2,899 foreclosures on the market, the lowest number in years. Short sales are on the decline as well with 3,107 (7.9% of the market). Home prices in Chicagoland IL are not feeling much of a strain from these factors.
How long is it taking to sell a home in Chicagoland right now?
The median market time for a home in Chicagoland is 41 days. This is down slightly from last spring. Market time is also down compared to January 2016 when the market time was 48 days.
Want a rough idea of your home's current value?
Fill out the form below to view an online analysis of your Chicagoland IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your Chicagoland home makes sense right now.
Looking for something more accurate?
The Kombrink Lobrillo Team at RE/MAX All Pro takes a very analytical approach to pricing your home. Using a process similar to that of an actual home appraiser, our in-depth analysis produces a pricing strategy to get your home sold for top dollar in the least amount of time. Combine that with our top notch marketing strategy and we'll help you realize your real estate goals before you know it.
Contact our Chicagoland Listing Specialist, Matt Kombrink, today to arrange for a complimentary home pricing analysis of your home. Matt can be reached at 630-488-3300.