Chicago’s Home Sales Growth Doubles The Nation Again?
The median price of homes sold in March was up about 6% in both the city and suburbs, according to a April 24 report issued by Illinois Realtors Association. That same day, the National Association of Realtors (NAR) said nationwide growth was less than 3%. Growth was almost twice the nation’s from December 2024 through February 2025, but March as the first month we more than DOUBLED it.
Total Sales Drop
NAR just reported home sales nationwide were down about 6% in March, the largest drop since 2022.
In Chicagoland, sales were only off 4% from last March. Sales in Chicago proper are faring better, essential flat from March 2024, with 1,812 homes sold in the city limits. Volume is still well below normal, due to high prices, low inventory, and 6% plus mortgage interest rates. The number of homes sold in the Chicago metro area in March was the smallest for the month since 2011, early in the recovery from the 2007-2008 housing bust. In the city limits, aside from March 2024 when it was about even, the March 2025 sales figure was the lowest for the month since 2012.
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