Illinois Real Estate Market Trends for 2010

Real Estate Agent with RE/MAX Suburban

Illinois Real Estate Market Trends for 2010

The Chicagoland region ended 2010 nearly even with home sales in 2009.

Home sales down -26.6% for year end 2010.

Median price down -7.0% to $144,000 which trends back to 2000 levels.

More than 53% of homebuyers in IL were first time buyers in 2010.

Affordability conditions remain good for first-time buyers although credit-worthiness and lender documentation requirements have become hurdles for some would-be buyers. First-time buyers can look to help from the IHDA's SmartMove loan programs that provide up to $6,000 in down payment and closing cost assistance for those who qualify.

Potential buyers who have resources to buy but want to buy at the bottom of the market are likely to start coming into the market in the spring time.  I guess it's time to get off the fence for buyers.

In January 2011, at the current annual sales rate, Illinois had enough housing inventory for 10.9 months of sales.  In Chicagoland, the comparable figure was 11.7 months.

Percentage of Sales by Price (fancy word Stratification, jeez speak English) in Illinois (graph below)

Median Price Graph in Illinois (below)

illinois real estate market,
illinois real estate market,northwest suburbs,

Bookmark and Share

Posted by


lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Illinois Cook County
Chicagoland and Northern Illinois Real Estate
HyperLocal Neighborhood and Community Posts
Local Expert
illinois real estate market
northwest suburbs
smart move

Spam prevention
Show All Comments
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

Interesting.  Not bad compared with the rest of the country.

Feb 24, 2011 06:45 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Lyn Sims

Schaumburg Real Estate
Need help with Schaumburg Area Real Estate?

Additional Information