Illinois real estate followed national trends in September marking the lowest level of existing home sales since October 2010, an industry group said.
While this summer may have been one of the hottest on record in terms of temperatures, the same cannot be said for the local housing market. Illinois’ summer housing market did not see the same high level of transactions as in years past, mirroring the trends seen this spring as mortgage rates continued to rise from July to September while inventory remains low.
6 trillion gain from this time last year, a boost thanks primarily to new construction, according to estimates from Zillow. In the Chicago metro area, the total market is valued at $1.1 trillion, an $85 billion increase over the past year and an around 35% jump since the beginning of the COVID-19 pandemic. Nearly 48,000 newly constructed units were added to the market in Chicago over the past year through the end of August.
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