The Illinois housing market is continuing to cool off from the pandemic housing boom, with the number of home sales still down significantly while prices are holding steady compared with the first quarter of last year, housing experts say.
High-rise residential buildings in Lakeshore East are seen on March 19, 2023.
The housing market began its seasonal rebound in February this year, which is earlier than is typical, and home sales and median sale prices are expected to continue to increase as spring moves along, according to housing experts. Spring is typically a time when the number of real estate transactions starts to pick up again after the slower winter months.“Our forecast is for prices to appreciate through July, but at a lower rate than last year.
Pawlowicz said the first reason is that attached homes tend to have lower price points, making homeownership attainable for most people, and the second reason is that baby boomers have surpassed millennials as the largest percentage of homebuyers nationwide this year, and baby boomers are attracted to attached homes.
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