Tag Archives: Illinois Association of Realtors

Home Prices Rising in Chicago and the Nation

Photo courtesy of  Mark Moz
Photo courtesy of
Mark Moz

Several parameters have conspired to raise the price of homes in the Chicago area: mortgage rates below 4 percent; home loans are easier to come by; strongest job market since the recession; more people wanting to buy homes. And now, as the housing market enters the traditional season for home purchases, a shortage of homes has added more fuel to the fire of rising home prices.

The real estate website Trulia conducted a study showing that people across the country are finding it difficult to find a home they want to buy at a price they can afford. In Chicago and the surrounding area, and in Illinois in general, sales continue to rise, according to the Illinois Association of Realtors.

“Illinois continues to see sustained growth in sales and median prices, indicating the market is poised for a strong rollout for the spring selling season,” said Mike Drews, president of the state Realtors group, in a statement.

Home sales in the nine-county Chicago area rose by 6.1 percent in February, compared to last year, and prices rose by 7.1 percent. The median price for homes and condos sold was $187,500, compared with $175,000 in February 2015.

In Chicago itself things were even worse: The median price for homes and condos was up by 12.3 percent, to $238,000 from $212,000 in February 2015.

“There was a lot of movement in 2013 and 2014, but 2015 slowed,” said Carla Walker, an agent with Berkshire Hathaway Home Services Koenig Rubloff.