2017 Illinois Sales and What to Expect in 2018
When it comes to the housing market, numbers can be confusing, which is why your trusted REALTOR®, Nancy Hibler of Karges Realty, is here to help you understand what 2017 looked like, and what you can expect in 2018.
What We Saw in 2017
Illinois ended the year on a positive note, ending in positive marks in both sales and median prices. However, the problem we saw all too often was the market being affected by the lack of available inventory. December 2017 home sales showed a slight decrease from the year before, going from 11,803 in December 2016, to 11,488 in December 2017, a 2.7% drop. Even though the amount of sales slightly dropped, the statewide median home price ticked upward, going from $174,000 in December 2016, to $185,000 in December 2017. This median is a typical market price where half the home sold for more and half sold for less. “The Illinois housing market posted a solid performance in 2017,” said Matt Difanis, ABR, CIPS, GRI, president of Illinois REALTORS® and broker-owner in Champaign, IL. “We finished the year with sales and median prices in positive territory, and we likely would have had an even stronger sales year in many markets if available inventory was able to keep pace with demand.”
What We Predict for 2018
Because the nationwide inventory shortage will continue in 2018, popular home buying site Zillow predicts that more and more homeowners will be renovating their homes over trying to buy a new one. According to Zillow’s Chief Economist Dr. Svenja Gudell, “In most markets around the country, housing has become a game of musical chairs, and nobody wants to be the last one without a seat. Homeowners who are looking for a change will turn to remodeling and redecorating instead of selling their home and facing the challenges of being a buying in a sellers’ market.” The company predicts home prices will increase 4.1% during the next year, citing more than 100 housing experts and economists surveyed.
If you’re looking to sell your home this year, real estate broker Nancy Hibler of Karges Realty has your back. She can help you navigate the market, and have your home sold in no time. Give her a call today at 815-263-5791 to set up an appointment.