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IL Home Prices Increase, but Uncertainty Hovers Over 2017

CHICAGO—Prices may have continued their steady march upward, but recent state employment losses could harm the market.

chi-coldwell (3) The time it took to sell a home in April averaged just 61 days, down from 68 days a year ago.

CHICAGO—The state’s housing market currently looks great for those who do decide to sell their homes, with closings happening faster than ever and at steadily increasing prices, but seasonally low inventory levels caused sales to slow in April, according to Illinois REALTORS®. And some housing experts say a cloud or two has appeared on the horizon, and may have a harmful impact later in the year.

Statewide home sales in April 2017 totaled 13,958 homes sold, down 3.4% from 14,453 in April 2016. The statewide median price in April was $200,000, up 7.5% from April 2016, when the median price was $186,000.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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