Illinois Home Sale Prices, Growth Rates and More
March 14 2017
In the market for a home this spring or summer? Take a look at the real estate numbers below; they could give you insight into what's happening in the housing market and where it's headed.
According to a report from the Regional Economics Applications Laboratory (REAL) at the University of Illinois, the state's median sale prices experienced a greater annual growth rate in 2016 than forecast, ranging from 3.9 to 10.1 percent. Sales growth rates were mixed, with all positive numbers in the first half of the year and some months of negative annual growth rates in the second half. The negative growth rates are likely related to higher interest rates, uncertainties in international affairs and the presidential election.
REAL predicts that median sale prices and sales rates will experience continuous growth in 2017, and December will have a median sales price of $183,914 -- 4.6 percent higher than December 2016.
Another University of Illinois report found that 8,093 houses were sold in the Chicago metro area in November 2016, up 16 percent from November 2015. The median sales price was $215,000, up 10.3 percent from November 2015, when it was $195,000. Experts predict the metro area's median sales price and the number of homes sold will continue to grow in 2017.
The 2016 data won't be released until September, but we do know that Illinois' median household income has risen every year since 2011 (up 6.21 percent). The 2015 median household income for Illinois was $59,588, nearly $4,000 higher than the median household income nationwide ($55,775). Illinois' 2015 median family income also bested U.S. numbers ($73,884 vs. $68,260) and has been growing since 2013.