Illinois homebuyers lifted the real estate market back into positive territory in July. Both sales price and quantity increased compared to the same time in 2019. Summer selling season appears to be ending with a flourish.
- Median time to sell a home averaged 43 days, down 2.3% from a year ago.
- Available inventory totaled 59,600 homes, a 4.2% decline from last year.
- Buyers benefiting from stable pricing and lower mortgage rates, average 3.77% in July.
The City of Chicago, specifically, did not perform as well as the other parts of Illinois.
- Both inventory and sales numbers decreased in July.
- Median sales price increased only marginally, by 0.4%.
- The bright side is, days on market continues to shorten, demand remains strong.