ATTOM’s Real Estate Sales Trends for Illinois
Illinois Real Estate Sales Continue to Trend Up
As market forces continue to pressure home prices upward post COVID, real estate professionals are wondering how long this will last in Illinois. ATTOM’s real estate sales trends data is one way to anticipate changes in the housing market.
Like the rest of the United States, the Illinois housing market has weathered the COVID-19 pandemic, aided by low mortgage rates and a dearth of inventory. These conditions have caused bidding wars and a surge in property prices. In 2020, the Federal Reserve lowered its benchmark interest rate to nearly zero to aid the economy. Many Illinois homeowners refinanced their mortgages, took out home equity loans, or leaned on lines of credit to finance renovation projects. People working from home welcomed the addition of home offices and other spaces.
At the same time, residents in urban areas wanted to escape to less densely-populated rural areas. This created a surge of buyers, but fewer sellers and surging housing prices.
Illinois real estate data shows a lift in 2020, despite the economic uncertainty caused by the pandemic. The Illinois housing market remained hot into the first half of 2021. Demand continued to outweigh supply, and bids were often over the asking price. Prior to 2020, the Illinois housing market had been one of the weakest in the country. People lost jobs and mortgage delinquencies skyrocketed. This trend continued in 2021 with high foreclosure rates evident in March 2021.
While Illinois has a history of volatility in real estate sales trends, ATTOM’s sales data is updated quarterly to reveal patterns. Analysis of the data can help industry professionals to accurately anticipate the market.
Illinois Real Estate Market Trends
Find out where potential shifts in home buyers might indicate a change in the Illinois housing market.
Identify annual home price appreciation trends.
Locate areas with strong home seller gains.
Find markets that are surging past pre-recession peaks.
Locate areas with decreasing homeownership tenure.
ATTOM’s real estate sales trends data for previous quarters in Illinois are updated as more home sales deeds become available. Data is based on ATTOM’s Home Sales Report.
Discover the following trends for the state of Illinois:
- Home seller price gains
- FHA, REO Sales
- Median home sales prices
- Distressed sales
- Institutional investor purchases
The Illinois real estate home sales trends data is a critical source for real estate agents, real estate investors, and marketers. These groups, and those in adjacent sectors, need ATTOM’s tools to help them decode housing trends and anticipate the future of real estate in Illinois.