Chicago metro area home prices climbed in June, reaching a median sales price of $340,000. This is a 6.6% increase over June 2021, continuing the year-over-year trend of higher home prices. In the City of Chicago itself, median home prices increased 4.7% to $367,000.
According to sales data from Illinois REALTORS®, median home prices statewide increased by about 5.9% on a year-over-year basis. The increase in home sale prices defy predictions of a slowing market, even as 30-year mortgage rates hover between five and six percent. Home inventory has yet to catch up to buyer demand, which has kept home prices up despite economic headwinds.
Will higher rates eventually slow down our market? Maybe, but the motives of home buying are more than a financial trade-off against renting. Owning your own home provides personal stability. We live in uncertain times, and being a homeowner gives you a sense of control of your own destiny. In the long run, home ownership is financially advantageous, but there’s a lot of emotion involved, too.
Every home buyer’s needs are unique – you need guidance for your personal situation and your budget! We are here to help you with everything you need to know, and we’ll walk you through the entire process. Start with our free home buying seminar, or with a personal home buying consultation.
StartingPoint Realty helps first-time home buyers and home sellers!
StartingPoint Realty proudly serves first-time home buyers throughout the entire Chicago area. Get an introduction to home buying by attending our free home buying seminar! There’s no sales pressure and no obligation. We can also refer you to top mortgage lenders in Chicagoland – just ask!
If you’re thinking about selling your Chicago area home, we’ve got qualified buyers at the ready! We’ll give you the information and guidance you need to make the most of your opportunities. Ask us for a free consultation about your home’s market value. There is no pressure to list your home, and no obligation.
Always feel welcome to contact us with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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