SPRINGFIELD, Ill. (WMBD) — State-wide sales and the median prices of homes in Illinois are down compared to this time last year.
According to the data from Illinois REALTORS®, the 6,723 homes sold in January 2023 were sold 35.3 percent lower than the 10,385 sold in January 2022.
In January 2023, the monthly median price of Illinois homes was $234,000. This is 1.5 percent less than that $237,500 median price in January 2022.
“It’s typical to see fewer transactions during the winter and January was no exception for the Illinois housing market,” said Michael Gobber, Illinois REALTORS® 2023 President and designated managing broker-partner, Century 21 Affiliated in Westchester. “But right now, both buyers and sellers still have opportunities to capitalize on the low number of homes for sale. Sellers currently have less competition with inventory still being at a low level. Now that interest rates and prices have both leveled off, buyers can take advantage of a less frenzied market, compared to the last two years.”
The total amount of houses available in Illinois is also down to 19,204 homes available in January 2023. This is down from the 20,793 homes available in January 2022.
Homes are also being sold slower, on average, Illinois homes are taking 41 days to sell, which is up from 39 days in January 2022.
More information is available on the Illinois REALTORS®’s website.