Home sales kept pumping at 2017’s healthy pace last month, according to data released by the Illinois Association of Realtors.
In the nine-county metropolitan area, 9,661 homes sold in March, up 13.1 percent from a year earlier. In Chicago, 2,478 homes sold last month, an increase of 15.3 percent. Both increases were larger than any month’s year-over-year bump since November.
Perhaps more importantly, in both the city and the metro area, the number of homes sold during the month was higher than in any other March going back to at least 2008. Median prices also rose. In the city, the median for a home sold in March was $295,000, up 9.7 percent from a year earlier. In the nine-county metropolitan area, the median March sale price was $231,000, up 10 percent from a year ago.
“Home sales were stronger than usual throughout historically slower months, and now, with the spring market in full swing, the numbers are proving to be more robust than anticipated,” Matt Silver, president of the Chicago Association of Realtors and partner at Urban Real Estate, said in a statement.
Along with increased sales and median prices, we are beginning to see a slight uptick in inventory in some areas like Lakeview. Home owners are beginning to realize it’s a good time to sell and leases are coming up. We hope this trend continues.