The Illinois housing market seems to be well on its way to a full recovery, marking strong January numbers to start the year.
Home sales in Illinois increased 31.1% year-over-year in January, while the median sales price rose 1.2%, according to the Illinois Association of Realtors.
Total home sales in the state totaled 8,502 homes, up from 6,484 in January 2012.
Additionally, the median price statewide reached $125,000, a 1.2% increase from January 2012, when the median price was only $123,500.
“The steady improvement we saw through much of 2012 seems to be continuing in 2013,” said Michael Oldenettel, president of IAR. “All the numbers we track show that Illinois appears to be on the way to a real and sustained housing recovery.”
The growth seen in Illinois has overcome strong foreclosure numbers that continue to dampen price gains and reduce inventory levels.
“However, the sales volumes are impressive and with foreclosure sales continuing to outpace new additions, there is some expectation that over the next year, prices might start to move upward in some sustained fashion,” said Geoffrey Hewings, director of the regional economics application laboratory at the University of Illinois.