Chicago is primed for a summertime housing market boost, according to Dr. Geoffrey J.D. Hewings, Regional Economics Applications Laboratory director at the University of Illinois. April marked the third straight month of home sales gains in Illinois and Hewings believes residential real estate will continue improving in Illinois and Chicago over the next couple months. In May and June, Hewings expects monthly home sales to increase 11 – 16% in Illinois (possibly up to 17% in Chicago) with a peak for the year in June.
Median prices are also projected to increase through July in both the state and the city. Last month, median home prices in Chicago went up 7.6% from the previous month and statewide prices inched up 4.7% from March to April, according to a recent survey from the Illinois Association of Realtors. The median price for a single-family home or condo in Chicago was $205,000 in April and around $136,000 for Illinois. These figures are down from the same month a year earlier however they show a positive movement for local home values on a month-to-month basis. Hewings has forecasted positive year-over-year home sales growth for Illinois in July of this year.
More than 8,500 Illinois homes sold in April, of which approximately 1,460 were located in Chicago. This is an 8.5% statewide improvement in sales volume and a 1% increase for the city. Illinois Association of Realtors President Sheryl Grider Whitehurst notes that much of the sales activity is concentrated in lower price ranges, which include a large number of foreclosures and short sales. She believes the real estate market needs more interest from move-up buyers to really turn things around. Once current homeowners come to terms with selling at market value, they can take advantage of the excellent affordability and get more bang for their buck in the next home purchase.
“Market forces are steadily improving and factors for rising home sales are developing,” Whitehurst said in a recent press release, noting that today’s record-setting home affordability is fleeting. “Interest rates are expected to rise above their historic lows and the cost to borrow will rise, too, with changes proposed in the lending market such as higher down payment requirements.”
In view of what’s going on in the market right now, it makes sense for buyers who want to get more house for the money to look into purchasing this summer. A licensed Chicago real estate agent provides qualified assistance, as well as professional insight of the housing situation in specific neighborhoods and communities.
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