There is good news and bad news coming out of the latest statistics from the Illinois real estate market with most of the good news coming out of the City of Chicago housing market.
According to the Illinois Association of Realtors Illinois home sales in March were up 25% over February, but the March 2008 numbers are down 29.5% compared to March of 2007. The Chicago real estate market fairs better than Illinois as a whole with only a 11.5% drop in home sales in March over the same time last year.
The median price for homes sold in Illinois in March was $194,500, down 1.3% over March of last year. Conversely, the median price of homes sold in the City of Chicago in March was $300,000, a 5.3% increase over March of last year.