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Shrinking stock once more stymies Illinois residence gross sales, this time throughout March

March year-over-year residence gross sales fell in Illinois because the variety of out there properties dipped to its lowest mark since 2008, in accordance with information from Illinois REALTORS®.

In March 2024, statewide home sales (together with single-family properties and condominiums) of 10,024 properties bought was 11.9 p.c decrease than the 11,374 bought in March 2023. There have been solely 15,268 properties on the market statewide in March, a 14.2 p.c drop from the 17,795 out there on the identical time final yr.

The statewide median value of $282,000 in March 2024 was 9.5 p.c increased than it was the yr earlier than at $257,500. The median is a typical market value the place half the properties bought for extra and half bought for much less.

“The file low stock of accessible properties has fallen to a 16-year low in Illinois, and remarkably, homebuyers and residential sellers proceed to seek out success utilizing REALTORS® to attain their targets,” says Matt Silver, Illinois REALTORS® 2024 President and accomplice and senior dealer for Corcoran City Actual Property in Chicago.

Within the nine-county Chicago Metro Space, March 2024 residence gross sales (single-family and condominiums) totaled 6,794 properties bought, down 14.1 p.c from March 2023 gross sales of seven,911 properties. In March 2024, there have been solely 10,409 properties on the market within the Chicago Metro Space, a 15.5 p.c lower from 12,318 properties in the marketplace in March 2023. The median value of a house within the Chicago Metro Space in March 2024 was $339,900, up 9.6 p.c from $310,000 in March 2023.

“The variety of gross sales rose considerably from February to March in each Illinois and the Chicago PMSA,” mentioned Dr. Daniel McMillen, Professor of Actual Property and Affiliate Dean for College Affairs on the College of Illinois-Chicago Faculty of Enterprise Administration. “Costs additionally elevated. Nevertheless, the variety of gross sales is decrease than presently final yr. Shopper confidence has been excessive for a number of months now, and gross sales historically enhance considerably in spring. The variety of gross sales and costs ought to proceed to extend steadily over the subsequent a number of months.”

The town of Chicago noticed an 18.9 p.c year-over-year residence gross sales lower in March 2024 with 1,790 gross sales, up from 2,208 the yr earlier than. In March 2024, there have been solely 4,216 properties on the market within the metropolis of Chicago, a 16.4 p.c lower from 5,044 properties in the marketplace in March 2023. The median value of a house within the metropolis of Chicago in March 2024 was $359,000, up 7.3 p.c from March 2023 when it was $334,450.

“This March, closed gross sales dipped, although median gross sales value elevated and days on market shortened – that is evident of a busy spring season in Chicago amid a pinched stock market,” mentioned Drussy Hernandez, president of the Chicago Affiliation of REALTORS® and vice chairman of brokerage companies for Coldwell Banker Realty in Chicago.

Gross sales and value info are generated by A number of Itemizing Service closed gross sales reported by 22 taking part Illinois REALTOR® native boards and associations together with Midwest Actual Property Information LLC information as of April 16, 2024, for the interval March 1 via March 31, 2024. The Chicago Metro Space, as outlined by the U.S. Census Bureau, contains the counties of Prepare dinner, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Based mostly on the Freddie Mac information, the month-to-month common dedication charge for a 30-year, fixed-rate mortgage was 6.82 p.c in March 2024, up from the earlier month of 6.78 p.c. The March 2023 common was 6.54 p.c.

Discover Illinois housing stats, information and the March 2024 forecast from the Stuart Handler Division of Actual Property on the College of Illinois at Chicago Faculty of Enterprise Administration at

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