Illinois home sales and median prices remained positive for the eighth straight month while available housing inventory dropped again, according to data released by Illinois REALTORS®.
Statewide home sales (including single-family homes and condominiums) in February 2021 totaled 9,934 homes sold, up 11.9 percent from 8,880 in February 2020.
The statewide median price in February was $226,983, up 14.1 percent from $198,900 in February 2020. The median is a typical market price where half the homes sold for more and half sold for less.
“Buyer demand remains strong and with available inventory low statewide, it is a great time for sellers to list and sell their homes! Call your local REALTOR® for a local snapshot.” said Sue Miller, president of Illinois REALTORS® and designated managing broker of Coldwell Banker Real Estate Group in McHenry.
It took an average of 53 days to sell a home in February, down from 67 days a year ago. Homes for sale totaled 24,358, a 49.9 percent decline from February 2020 when there were 48,636 homes on the market.
According to the data, home sales in the Peoria MSA (Peoria, Marshall, Stark, Tazewell and Woodford counties) totaled 332 sales, a 1.5 percent increase while the median price was up 11.8 percent to $123,000. In the Metro East MSA (Bond, Calhoun, Clinton, Jersey, Macoupin, Madison, Monroe and St. Clair counties) home sales totaled 591, a 6.9 percent increase. The median price was up 10.6 percent to $144,900.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 2.81 percent in February 2021, an increase from 2.74 percent the previous month, according to the Federal Home Loan Mortgage Corp. In February 2020, it averaged 3.47 percent.
Last month, 7,052 homes (single-family and condominiums) were sold in the nine-county Chicago Metro Area, a 14.7 percent increase from the 6,150 homes sold in February 2020.
The median home sale price in February 2021 was $270,000 in the Chicago Metro Area, an increase of 12.5 percent from $240,000 in February 2020.
“While February’s bitter weather dampened that month’s housing sales compared to January, sales were up almost 15 percent from a year ago in Chicago and 12 percent in Illinois,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois. “Price appreciation also continued with median prices up over 12 percent from a year ago in Chicago and 14 percent in Illinois. Further, these positive trends in sales and prices are expected to continue for March, April and May.”
In the city of Chicago, home sales (single-family and condominiums) in February 2021 totaled 1,628 homes sold, up 8.8 percent from February 2020 sales of 1,496 homes.
The median price of a home in Chicago in February 2021 was $320,000, up 10.3 percent compared to February 2020 when it was $290,000.
“We are thrilled to see the strong market continue into February, which may lead to one of the strongest first quarters we’ve seen in the real estate market in years,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty. “February saw condo closed sales increase 16.2 percent, outpacing single-family home closed sales, which decreased 1.8 percent. Since single-family homes have been flying off the market since last summer, we are glad to see condo inventory drive February sales.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 23 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 7, 2021 for the period Feb. 1 through Feb. 28, 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.