The number of homes sold in the last month in greater Chicago dropped 10.2 percent year over year, and the median sale price rose 4.8 percent, according to the latest monthly report from Illinois Realtors.
Across the state, the average home was listed for 65 days before selling in March, down from 68 year over year, according to the report, first reported in Chicago Agent Magazine.
Some 8,848 single-family homes and condominiums sold last month in the nine counties in the Chicago metropolitan area, down from 9,849 in March 2017. Meanwhile, the median sales price rose to $241,000 in March, up from $230,000 year over year.
Within the city itself, sales fell 10.1 percent to 2,290 in March, down from 2,546 last year.
Median sales price rose 6.4 percent to $314,000, compared to $295,000 last year.
The median sales price in all of Cook County, meanwhile, rose 5.6 percent to $252,500, according the report.
“Limited supply and high demand took center stage for the start of the Chicago spring housing market,” Rebecca Thomson, president of the Chicago Association of Realtors, told Chicago Agent. “While the number of closed sales slowed in tandem with the inventory crunch, the rise in median sales price and reduction of time it takes for a home to sell on average, points to competition for well-priced homes in good condition.” [Chicago Agent] — John O’Brien