Curbed Chicago: Chicago Home Sales and Prices Are on the Rise

Data from January shows that houses are selling faster than they were before in the Windy City.

It was reported last week that existing nationwide home sales jumped 3.3 percent in January, which is the highest level that the market has seen since February of 2007. But where did Chicago’s home sales and prices fall on that list?

The city’s home sales were up 9.3 percent in January compared to the same month the year before, showing that Chicago’s market experienced gains at the beginning of the year. And as homes are selling at a faster pace, data for January also showed that home prices in Chicago are on the rise. In fact, prices were up 12.4 percent over 2016, which is partially due to a lack of inventory.

Chicago Association of Realtors president Matt Silver said in a release, “Out year-over-year numbers continue to demonstrate the strength of the Chicago market, as properties are being snatched up at a pace rarely seen. With higher prices across the board and rising interest rates, the trend will continue (barring ongoing inventory concerns) into the active spring season.”

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