Illinois Home Prices Surging, Inventory Shrinking
Year-over-year median price in Winnebago County is up 7.3% to $235,000.
IllinoisRealtors.org has a new report out that says an end-of-summer surge has helped 50 Illinois counties reach new highs in median home prices, but the available housing inventory has decreased.
Statewide home sales (including single-family homes and condominiums) in August totaled 15,716 homes sold, down 6.7 percent from 16,852 in August 2018.
The statewide median price in August was $214,000, up 7.0 percent from August 2018, when the median price was $200,000. The median is a typical market price where half the homes sold for more and half sold for less.
“Illinois saw a surge in median prices in the final month of summer,” said Ed Neaves, 2020 Illinois REALTORS® president and managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “The resulting dip in inventory and sales numbers on an annual basis tell a tale of a market that is struggling to meet consumer demand in many areas as prospective homeowners scramble to take advantage of lower interest rates.”
The time it took to sell a home in August averaged 45 days, unchanged from a year ago. Available inventory totaled 60,149 homes for sale, a 5.1 percent decline from 63,389 homes in August 2018.
According to the data, thirty (30) Illinois counties reported sales gains for August over previous-year numbers, including Peoria County, up 4.7 percent with 310 units sold; and Kane County, up 0.7 percent with 774 units sold. Fifty (50) counties showed year-over-year median price increases including Winnebago County, up 7.3 percent to $235,000; and Cook County, up 3.2 percent to $255,000.