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(The Center Square) — Despite the COVID-19 pandemic, the Illinois real estate market remains red hot. A surge in home sales that began shortly after real estate transactions resumed last spring after the state’s initial stay-at-home order, has shown little sign of slowing down as the industry goes through what is usually a slow time of year. Interest rates are low, sales are up, the price of homes has been steadily increasing over the past year, and housing inventories around the state are low. “Totally seller's market, and we foresee that happening with the pent up demand right into th...

Home sales remain strong in Illinois Kevin Bessler The Center Square Feb. 3, 2021 FacebookTwitterEmail SPRINGFIELD — Despite the COVID-19 pandemic, the Illinois real estate market remains red hot. A surge in home sales that began shortly after real estate transactions resumed last spring after the state’s initial stay-at-home order, has shown little sign of slowing down as the industry goes through what is usually a slow time of year. Interest rates are low, sales are up, the price of homes has been steadily increasing over the past year, and housing inventories around the state are low. ...

The average home sale price rose 9%, or $12,543, last year, he said. That increase, going from $139,171 in 2019 to $151,714 this past year, was the largest year-over-year price increase and the highest price since local statistics have been collected, dating back to 1998, according to the Realtors group. Brown said that the pandemic has created more remote work environments for some, meaning that families have been searching for a bigger space to accommodate their needs. Mortgage rates fell to record lows 16 times throughout 2020. The average 30-year fixed mortgage rate started out at three...