It’s simple economics. When prices rise, people are motivated to sell. But in today’s housing market, reality looks different. Prices are surging but for-sale signs are few and far between.
Chicago home prices notched their fourth-straight month of double-digit growth in April, with the median sale price rising 10 percent from a year ago. The number of properties sold fell 4.8 percent, and the city’s median sale price reached $275,000 as the spring selling season got into full swing. On average, homes fetched 96.6 percent of their asking price, the highest sale-to-list ratio since last July.
As of March 31, nearly 70 percent of houses on the market were stale, meaning they’ve languished unsold for more than a month. A home that’s been sitting for 30 days is more likely to be overpriced, in need of renovation or to have other problems that prevent it from selling.