As Properties Sell Faster, Home Prices Rise in Illinois

Residential properties for sale in Illinois went off the market faster in July, as home prices increased during the month, according to a report from the Illinois Realtors.

The report showed that sellers waited an average of 47 days to offload their properties, faster than 53 days recorded in the same period of 2016. Median home prices in the state also increased 5.8% to $210,000 from $198,500 year over year.

Driving Factor

A severe lack of households in the state partly led to the faster turnover rate of properties in July, although sales still declined 4.3% to 15,677 units from 16,375 residences in the year-ago period. The sold properties comprised single-family homes and condominiums.

While the shortage of properties led prices to increase, most sellers have held on to their assets simply because it would be difficult for them to find another home. On the other hand, those who decided to sell their homes benefitted from higher prices, which allowed them to gain a bigger profit.

One way to increase the value of your home involves home interior design services. Here in Hinsdale, IL, some shops offer for either staging your home or simply wanting to enhance its appearance.

Thoughtful Decision

Home improvement before a sale not only improves its value but also attracts more buyers. Matt Silver, president of the Chicago Association of Realtors, said that more buyers have become careful in selecting their preferred houses.

Even first-time buyers have armed themselves with information on how to find a house that aligns with their financial situation. For this reason, it is unsurprising if appropriately priced homes for sale disappeared from the market faster in July.

Conclusion

Home sales in Illinois may have declined in July, but the increase in prices may encourage some owners to let go of their properties amid higher home values.