Chicago Tribune: Chicago Home Sales See Spike in March

A new report is pointing to positive signs for sellers and limited inventory for prospective buyers.

After a slow February, home sales and prices in Chicago are bouncing back. The Illinois Realtors reported a 13.1 percent increase in sales during the month of March, along with a 10 percent spike in the median home price over the year before.

According to the Chicago Tribune, the report comes as good news for sellers who were previously hesitant to put their homes on the market. However, the new report is leaving limited choices on the market for prospective homebuyers. And housing inventory isn’t expected to rebound in the near future.

In a release quoted by the Chicago Tribune, Illinois Realtor president Doug Carpenter said, “Consumers this spring have no choice but to be nimble as they find fewer homes on the market and increased competition for those homes.”

In March, the median price of a single-family home in the Chicagoland area was $248,000. That’s an 11.2 percent increase over the year before. Condo prices were also up 5.4 percent to $195,000. Overall sales totaled 9,661, which is a jump compared to 8,540 in March of 2016.

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