According to a recent article in Crain’s Chicago Business, home sales in the city of Chicago increased 35.5% in March on a year-over-year basis, almost three times the increase that was seen nationwide. The median sales price in Chicago was up 7.8% that same period, while prices jumped 17.2% nationally.
It’s a similar trend in the greater Chicago metro area. With March home sales up 24.6% and prices up 13.5%, the nine-county metro area outpaced the nation in transactions but still saw lower price gains, relatively speaking.
“The activity we’re seeing locally speaks to Chicago’s affordability,” said @properties co-founder Thad Wong. “Despite a lack of inventory, Chicagoans are finding opportunities to buy homes here and they see the value in our market.”
Home price growth both locally and nationally has been fueled by low inventory and high demand – two prevailing themes in today’s housing market. Demand has only increased as more homebuyers look to take advantage of low mortgage interest rates and as housing needs shift due to the pandemic.
For in-depth analysis of your local real estate market, reach out to an @properties agent.