SHILOH, IL – Homes are selling for higher prices at a faster pace, according to the latest housing data released for June 2018 by the REALTOR® Association of Southwestern Illinois.
The number of homes sold in much of the Metro-East has increased again this month. Home sales in St. Clair increased by 7.43 percent in June, while Clinton and Monroe County saw a rise of 9.6 and 9.2 percent year to date 2018. REALTORS® in Jersey County reported a 16.5 percent increase in homes this June. According to Illinois REALTORS®, while statewide home sales decreased 6.7 percent in June 2018, the Metro-East held steady with 920 homes.
As for a year-over-year comparison, the Metro-East continued its uptick in home sales in June 2018 compared to June 2017. Home sales in St. Clair County increased by 5.5 percent, Clinton increased by 6.3 percent, and Monroe County reported a huge 55.9 percent increase.
During the first quarter of 2018, the share of first-time homebuyers purchasing loans rose to 46 percent compared to 42 percent a year ago, according to a new Freddie Mac analysis. Freddie Mac Chief Economist Sam Khater attributes the increase to Millennials getting married and starting families during current job growth.
It’s exciting to see the positive activity of both home sales and home prices in most of our communities. I think the location of the Metro-East may be a good indicator as to why we’re doing so well. With major universities, St. Louis, Scott Air Force Base, and many more great assets, this is a great place for everyone to live” says REALTOR® Association of Southwestern Illinois President Angie Zahn.
Home prices have hit a 10-year high in Illinois this month. The upward trend for median prices continues with the statewide average rising 4.5 percent to $225,000 according to Illinois REALTORS®. St. Clair County home prices rose 2.2 percent compared to June of 2017. Home prices in Monroe County increased by 16.5 percent, while Randolph County reported a 52 percent increase.
Days On Market
Days on market continued to decrease in the Metro-East. Homes in Monroe County sold 80 percent faster in June 2018 compared to May 2018. Madison County homes saw a 28.9 percent decrease in days homes were on the market. Clinton, Macoupin and Montgomery Counties also reported decreases of 24.8 percent, 15.5 percent, 2.8 percent in days on market, respectively.
The REALTOR® Association of Southwestern Illinois (RASI) is the voice for real estate in Southwestern Illinois. Our mission is to empower members to succeed today and into the future. For more information on RASI and real estate careers, please visit www.618realtor.com or contact the office at (618) 277-1980 or Membership@myRASI.com.