February 2019 Real Estate Market Report

We're two months into 2019 and the Real Estate Market has really started to pick up. While January and February have been slower than they were last year (probably due to the awful cold weather we have been experiencing), activity has been increasing as the year goes on. This is to be expected, as the hot spring market is beginning! Let's take a closer look at three numbers: home prices, number of home sales, and number of new listings.

1. Home Prices - Median home sales price in the Chicagoland area continues to rise, up 2.9% from this time last year. A strong economy, low unemployment, and increasing wages all help to keep home prices up. The mortgage rates seem to be stagnant for the time being as well, which helps with affordability.

2. Home Sales - The number of closed sales continues to plummet. This number was down for the entire year of 2018, and it is down 3.7% from this time last year. A lot of this has to do with the low inventory of homes available for sale. Homeowners are staying in their homes longer before deciding to sell them. Fortunately, it does not appear to be an issue with the demand. As millennials continue to enter the housing market in record numbers the demand should continue to stay high. They just need more homes to hit the market to help with supply (and should also help with prices).

3. New Listings - The number of new homes hitting the market has been getting better. It is up 4.9% from last year. This is a good sign as the low inventory has been a big problem in the real estate market for some time now. As more new listings continue to hit the market, this should help to correct the decline in number of home sales. 

Below are some links for more area specific sales data. Click the appropriate link below to see what the numbers say for your own suburb/neighborhood.

City Market Report

North Shore Market Report

Northwest Suburbs Market Report

Western Suburbs Market Report

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