We’ve had a “cool” summer in the real estate market.
The Illinois Association of Realtors (IAR) published a market statistics report for the first half of 2019, which paints a picture of a cooler real estate market for Illinois, and specifically the Chicago Metro Area. Here are some key takeaways:
- The pace of home sales has slowed down visibly, dropping by about 11%.
- The good news for buyers is that the median price remains relatively flat. Housing price is appreciating by only 0.2%.
- Average time to sell a home is 45 days state-wide.
- Buyers are benefiting from lower mortgage rates – June average mortgage rate was 3.8%, significantly lower than last year same time’s 4.57%.
- For the City of Chicago specifically, YoY home sales decreased by 13.3% in June. Median price increased by 1.6% to $319,900.
IAR’s Analysis could be found here: Slower June home sales, moderating median prices provide opportunity for Illinois homebuyers