In July, about 16,000 homes in Illinois were sold at the median price of $169,000 or higher, according to Housing Wire. Just last year around this time, the average single-family home cost $148,000. Higher price tags are in part due to a low inventory, but that is happening in other strong housing markets like Orange County and Houston.
“Buyers are clearly comfortable enough with the way the economy is progressing to make a big purchase, and sellers are getting off the sidelines as they see prices begin to erase losses sustained during the recession,” Michael Oldenettel, Illinois Association of Realtors president, told the source.
In July, about 67,400 units were on the market, which means 23 percent of available properties were sold in a month. If that trend continued in August, prospective home buyers may need to start bidding a bit more aggressively to get the property they are looking for. Prospective buyers are looking into many housing options, such as new construction or short sales because so many people are interested in buying.
“Improvements in the Chicago real estate market, such as increases in home prices in some areas, may have encouraged servicers to pursue short sales or other alternatives to foreclosure,” Spencer Cowan, vice president of research at Woodstock Institute, who released the data on Chicago’s foreclosure history, explained to the source.
Even though Chicago was one of the hardest hits parts of the country during the housing crisis, residents in the area continue to show signs of recovery. Only 22,300 homeowners filed for foreclosure in 2013—the last time claims were that low was in 2007, two years before the bubble.