How’s the Market – 2nd Quarter 2015
We hear this question all the time, and we’re sure you do too. We thought you might like to know how we look at our current market conditions. The real estate market continues to improve and we are pleased to report that both sales and prices had a robust boost in March, and April closed strong as well!
Additionally, new construction spending in the Chicagoland area in 2015 is already up 33 percent year-to-date and up 85 percent from one year ago. The luxury market is also thriving with increases of more than 10% in both
volume and units from one year ago.
PRICES
In the nine-county Chicagoland area, the median price
in March 2015 was $204,000, up 16.6 percent from
$175,000 in March 2014. In Chicago, the median price
of a home was $263,079 in March 2015, up 11.9 percent
from March 2014’s $235,000. Median home prices in
Chicago have recovered 74 percent of prior 2008 levels.
INTEREST RATES
Mortgage rates inched up slightly, but are still at
historical low levels for a 30-year fixed-rate mortgage.
Rates averaged 3.68 percent at a 30-year fixed-rate
mortgage, offering a continued opportunity to capitalize
on advantageous rates for potential home buyers.
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Thank You and Have a Great Day
Marina Jacobson
Broker, SFRDirect: 847-510-5009
Cell: 847-361-5605
Fax: 847-510-5109
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Certified Distressed Property Specialist
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