Spring Sales Review of Chicago Area Real Estate
June 27 2017
Spring and summer are the real estate market's busiest times of year, and it's no exception in Chicago and the surrounding suburbs. A review of the numbers for the spring sales season brings good news all around.
The Big Picture
A recent RE/MAX report found that March home sales jumped 14.8 percent over March 2016 across seven metro counties: Cook, DuPage, Kane, Kendall, Lake, McHenry and Will. One real estate expert attributed these sales figures -- the highest they've been since 2006 -- to a mild winter and an improving job market, among other factors. The median sales price also rose across the same counties, with Will County seeing the highest increase at 12.2 percent.
In the City
What were Chicago's five leading areas for home sales in 2016? According to an Institute for Housing Studies at DePaul University study, the West Town, Logan Square, Lincoln Square, Uptown and Lakeview neighborhoods all saw their highest price levels since 2000. Lincoln Square also landed in the top five hottest markets for single-family homes in the first quarter of 2017, according to Crain's Chicago Business.
Sales of New Homes
Crain's also reported that Q1 sales of new homes in the Chicago area were the highest they've been in nearly four years. The entire metro area saw 1,247 homes sold through March, up more than 20 percent from the same period in 2016. The suburbs experienced a larger jump with 1,119 new homes sold -- a 22.4 percent increase over 2016.