Illinois home sales climbed statewide in July, reaching the highest level seen in recent years. Motived by historically low interest rates, buyers have been moving quickly to snap homes—a trend we expect continue to see as summer draws to a close. Home sales for July 2020 totaled 19,024, up 14.6% from the previous year.
July 2020 also saw an increase in median sales prices across the state, up 7.3% from July 2019. The Chicago metro area saw similar increases, with the median sales price growing 6.9% year over year for July. Chicago’s median sales prices continued to climb in August, with the city seeing an increase of 15.9% compared to August 2019. With pricing holding flat or marginally improving in May and June, July’s increase is a solid sign that, while delayed, the summer housing market kicked off in earnest this year.
Experts anticipate that these increases will hold well into the fall months, as rates continue to drop. As the Chicagoland area continues to see a lull in housing inventory, many expect buyers to become increasingly competitive—a shocking benefit to many of those on the fence about selling, as sellers’ field multiple offers on the most desirable homes.