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Welcome to our in-depth monthly update on the Illinois real estate market. This month, we’re providing a thorough analysis of the current trends, statistics, and factors influencing the market.

Market Overview

  • Median Home Price: The median home price in Illinois has risen by 7.3% year-over-year in April 2024. This increase reflects a strong demand for housing and a seller’s market.
  • Sales Volume: Home sales have increased by 7.8%, indicating a robust market with active buyers.
  • Inventory Levels: There has been a decrease in the number of homes for sale by 3.7%, suggesting that inventory is not keeping pace with demand.

Top Performing Areas

  • Forest Park, IL: Leading with an impressive 108.8% growth in sales price.
  • Hinsdale, IL: Following closely with a 61.7% increase.
  • Other notable areas include Buffalo Grove, Loves Park, Crystal Lake, Cicero, Elmhurst, Glendale Heights, Romeoville, and Deerfield1.

Market Dynamics

  • Buyer Demand: A significant portion of homes, 43.0%, sold above list price, indicating high demand and competitive bidding.
  • Seller’s Market: With limited inventory and sustained buyer demand, sellers are in a favorable position to negotiate higher prices.

Migration Trends

  • Homebuyers are increasingly moving to states like Florida and Arizona, while Illinois is among the top states people are leaving. This outflow may be contributing to the increased demand for housing within the state.

Economic Indicators

  • The Illinois housing market is influenced by various economic factors such as employment rates, interest rates, and overall economic growth. These indicators can affect buyer confidence and purchasing power.

Future Outlook

  • The market is expected to continue its upward trend in the short term. However, potential changes in economic conditions or interest rates could impact future market dynamics.

Conclusion The Illinois real estate market remains strong with rising prices and high demand. As we move into the next month, we will continue to monitor these trends closely to provide you with the latest insights.