Illinois home sales and prices shift higher in March
The spring selling season was in full swing in March, with buyers driving home sales and median prices higher even as available inventory fell lower, according to data released by Illinois REALTORS®.
Statewide home sales (including single-family homes and condominiums) in March 2021 totaled 14,900 homes sold, up 20.2 percent from 12,392 in March 2020.
The statewide median price in March was $249,000, up 15.3 percent from $216,000 in March 2020. The median is a typical market price where half the homes sold for more and half sold for less.
“When March roared in, Illinois homebuyers rushed out and grabbed up homes at a brisk pace,” said Sue Miller, president of Illinois REALTORS® and designated managing broker of Coldwell Banker Real Estate Group in McHenry. “And with buyers still racing to snare one of the limited number of available properties, now is one of the best times ever to put your home up for sale.”
It took an average of 46 days to sell a home in March, down from 62 days a year ago. Homes for sale totaled 23,381, a 53.2 percent decline from March 2020 when there were 49,946 homes on the market.
According to the data, home sales in the Rockford MSA (Boone and Winnebago counties) totaled 414 sales, a 17.3 percent increase while the median price was up 1.4 percent to $139,948. In the Bloomington MSA (McLean and Dewitt counties) home sales totaled 214, a 9.2 percent increase. The median price was up 8.2 percent to $151,500.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.08 percent in March 2021, an increase from 2.81 percent the previous month, according to the Federal Home Loan Mortgage Corp. In March 2020, it averaged 3.45 percent.
Last month, 10,846 homes (single-family and condominiums) were sold in the nine-county Chicago Metro Area, a 24.6 percent increase from the 8,704 homes sold in March 2020.
The median home sale price in March 2021 was $295,000 in the Chicago Metro Area, an increase of 13.5 percent from $260,000 in March 2020.
“The housing sector recorded strong month-to-month and year-over-year changes in March in both sales and prices,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois. “The main concern in the coming months will be the low inventory levels, currently 1.5 and 1.3 months at current sales rates in Illinois and Chicago respectively. The strong growth in the pending sales index suggest that demand remains strong with buyers facing a very competitive market.”
In the city of Chicago, home sales (single-family and condominiums) in March 2021 totaled 2,877 homes sold, up 35.5 percent from March 2020 sales of 2,123 homes.
The median price of a home in Chicago in March 2021 was $345,000, up 7.8 percent compared to March 2020 when it was $319,950.
“In March, the demand for homes remained high, with the condo market picking up steam, resulting in a 44.6 percent increase in sales and 2.8 percent increase in median sales price for attached homes,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty. “It’s important to work with your REALTOR® to discuss different property types to see what the best options are at your price points.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 23 participating Illinois REALTORS® local boards and associations including Midwest Real Estate Data LLC data as of April 7, 2021 for the period March 1 through March 31, 2021. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtors.org/marketstats.