Key Housing Market Statistics in the Metro-East Released

SHILOH, IL – The booming U.S. economy continues to prop up home sales and new listings in much of the nation.

Home Sales

2018 has proven to be a great year for home sales. For a year-to-date comparison, homes sales in Randolph, Clinton, and Monroe rose 7.56 percent, 5.98 percent, and 5.46 percent. Jersey, Madison, and St. Clair Counties followed closely behind with increases of 5.08 percent, 2.88 percent, and 2.82 percent, compared to the year-to-date home sales from November 2017.

Home Prices

Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years go.

Home prices in Macoupin County saw a huge increase compared to November 2017 of 56.12 percent. Jersey County saw a moderate increase in home prices of 25.81 percent. While, Clinton and Madison County home prices rose 3.65 and 3.1 percent, respectively.

“In the Metro-East we have consistently seen a rise in home prices for most of our counties, says REALTOR® Association of Southwestern Illinois President Judy Ross.

Days On Market

Days on market continued to decrease for most of the Metro-East. Homes in Clinton County sold 56.32 percent faster this November than last year. While, Randolph and Madison County homes sold 25.93 percent and 19.51 percent faster. Other Counties who saw days on market decrease were St. Clair and Jersey Counties with decreases of 11.24 percent and 9.18 percent.