Summer and Fall Housing Market Update
September 12 2017
As the temperatures drop and the leaves begin to fall, we are taking a look at how the Chicago-area and Illinois summer housing markets fared and what the experts predict for the next few months.
According to a July report from the University of Illinois, June home sales in the Chicago Primary Metropolitan Statistical Area (PMSA) were up nearly 11 percent from a month earlier and increased 1 percent over June 2016. The median sales price also grew, hitting $252,500, up 4.1 percent from the same time last year.
That same report revealed positive statewide news, with Illinois' June home sales up 10 percent over May 2017 and 0.3 percent over June 2016, and the median price growing 5.9 percent over June 2016.
Inventory continued to be an issue in the Chicago area, with the number of available homes down 17.9 percent from June 2016. This tight market may have contributed to the time it took for homes to sell (39 days compared to 45 days in June 2016).
Metrostudy's 2Q17 survey of the Chicago-area housing market reports good news on the new-construction front as well. New home construction starts in the 12-county region continued to rise, up 17.4 percent over a year earlier.
So will the next few months continue to see growth? All signs point to yes. Metrostudy forecasts a healthy rate of growth in new home starts, predicting anywhere from a 9 to 13 percent jump through the end of the year.
The University of Illinois report predicts that Illinois' median sales price in September will increase by 8.6 percent. The Chicago PMSA median sales price for September is expected to rise by 4.6 percent.