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Illinois Median Home Prices Inched Higher in March; Sales and Inventory Slip

median home prices

Illinois median home prices moved slightly higher and homes sold faster, even as statewide sales and inventory decreaseddata from Illinois REALTORS® show.

Statewide home sales (including single-family homes and condominiums) in March totaled 11,483 homes sold, down 9.9 percent from 12,739 in March 2018.

The statewide median price in March was $200,000, up 1.0 percent from March 2018, when the median price was $198,000. The median is a typical market price where half the homes sold for more and half sold for less.

“There are several things to consider when looking at the March data, not the least of which is that the time it took to sell a home once again decreased, indicating continued interest in home buying,” said Ed Neaves, president-elect of  Illinois REALTORS® and managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “While statewide we saw positive median price growth last month, the upcoming spring sales season will test the extent of whether available housing inventory continues to drive market dynamics as it has for the past few years.”

The time it took to sell a home in March averaged 63 days, down from 65 days a year ago. Available inventory totaled 49,875 homes for sale, a 2.5 percent decline from 51,137 homes in March 2018.

According to the data, home sales in the Metro East MSA (Bond, Calhoun, Clinton, Jersey, Macoupin, Madison, Monroe and St. Clair counties) totaled 711, a 3.6 percent increase while the median price was up 9.1 percent to $138,000; and the Carbondale-Marion MSA (Jackson and Williamson counties) totaled 96 units, a 1.0 percent decline while the median price was up 8.0 percent to $95,000.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.27 percent in
March, a decrease from 4.37 percent the previous month, according to the Federal Home Loan Mortgage Corp. In March 2018, it averaged 4.44 percent.

In the nine-county Chicago Metro Area, home sales (single-family and condominiums) in March totaled 8,122, down 10.0 percent from March 2018 sales of 9,029 homes. The median price in March was $241,000 in the Chicago Metro Area, an increase of 0.4 percent from $240,000 in March 2018.

“The usual spring growth in month-to-month sales masks declines in year-over-year growth,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Broad consumer sentiment is mixed, but the national housing sentiment index increased significantly; this has not yet been reflected in the Chicago and Illinois housing markets.”

According to the data, thirty (30) Illinois counties reported sales gains for March over previous-year numbers, including St. Clair County, up 8.7 percent with 275 units sold; and Kendall County, up 5.4 percent with 194 units sold. Fifty-one (51) counties showed year-over-year median price increases including DuPage County, up 5.9 percent to $285,000; and Will County, up 1.8 percent to $227,000.

The city of Chicago saw year-over-year home sales decrease 13.6 percent with 2,025 sales in March, compared to 2,343 a year ago. The median price of a home in the city of Chicago in March was $291,450 down 6.1 percent compared to March 2018 when it was $310,500.

“The data is reflective of a spring where buyers are being deliberate in their spending,” said Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park. “With political uncertainty heading into the April run-off and new tax rules coming into play, buyers held back to see how it all shook out. As the spring selling season ramps up, we’ll start to see more activity again, although at a more measured pace reflective of the current consumer climate.”

Sales and price information are generated by Multiple Listing Service closed sales reported by 27 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of April 7, 2019 for the period March 1 through March 31, 2019. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

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