The good news is, according to an article from the Chicago Sun-Times, sales of homes in Illinois increased this year for the first time in the last three years! The amount of sales increased 0.3 percent, but the median price still declined 12.9 percent to $165,000.
As a whole, Illinois home sales increased. However, in Chicago alone, sales fell 4.8 percent and the median price fell to $230,000 from $290,000.
With median prices continuing to fall, the home sale increase is expected to continue to rise because of the exceptional deals that potential homebuyers can find. Also, the extension of the $8,000 tax credit for first-time homebuyers, and the new $6,500 tax credit available for homeowners who have owned their current home for at least five years, should hopefully help the sales continue to grow.