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Available Housing Continued to Sell Quickly in Illinois

Available Housing Continued to Sell Quickly in Illinois

According to the Daily Journal, Illinois homes sold in the same average number of days in September 2022 and 2021 – as median prices increased statewaide and year-over-year inventory decreased, according to data from Illinois Realtors.

“The housing market in Illinois is showing signs of slowing,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate at the University of Illinois Chicago College of Business Administration. “Prices and the number of sales have both continued to decline since ther peak in June, while foreclosures are increasing. Although median sales prices are higher than at this time last year, the rate of increase has been lower than the inflation rate. Our prediction is that house prices and sales will change only modestly over the next few months.”