The median sale price in February was $160,000 – up 7.8% from February 2015 when the median price was $148,375.
“Now is the time to sell your home if you’ve been thinking about doing that,” said Dan Wagner, president of the Chicago Association of Realtors. “Compared to last year, the median sales price for all closed sales up about 12 percent,” he said.
Mortgage rates also remain low. The monthly average commitment rate for a 30-year, fixed rate mortgage was 3.66% in February. That’s down 3.87 percent from last month.