Here at the Gunderson Law Firm, we’re proud to call Chicago, Illinois our home. There’s nowhere on earth quite like the Windy City. Whether your thing is food, architecture, music, history, or sports, Chicago has it all.
And one of the very best things about Chicago – and the state of Illinois as a whole – is that there’s always something new to learn and discover. Our area is always growing and changing, and it’s worth taking stock every now and then, to see where things have been, and where they might be headed.
It’s like that famous North Shore kid Ferris Bueller once said:
“Life moves pretty fast. If you don’t stop and look around once in awhile, you could miss it.”
So, with that in mind, we thought we’d use this space to highlight some interesting stats and trends unique to Illinois, which could be useful for consumers and business professionals to know.
As of 2017, the U.S. Census Bureau estimated that Illinois had a population of roughly 12.8 million people. That’s a .2 percent decrease in overall population from 2010, the date of the last census. As of 2010, the population density in Illinois was about 231.1 per square mile.
Per the Census, there are about 4.8 million households in Illinois, with an average of 2.61 persons per household. According to the Census, most Illinois residents tend to stay in place – 86.7 percent of people claimed that they lived in the same house as a year ago, between the years 2012-2016.
The real estate market in Illinois is always changing. New buyers enter the market, others move away. New homes and condos are being constructed by the day, and the landscape of the state is always in flux. This is one of the things that makes the Illinois market so exciting, for buyers, sellers, and those with an interest in the real estate industry.
Let’s take a look at a few key metrics, to see how the state’s housing market is currently faring – and where it may be heading in the future.
Days on Market. According to data from Illinois REALTORS, homes spent roughly 51 days on the market as of October 2018 (the last month with data available, as of the time of this writing). That’s a small decrease from the year before (53 days), and a significant decrease from 2016 (60 days) and 2015 (69 days).
Median Sales Price. As of October 2018, the median sales price for an Illinois property was roughly $190,000, according to Illinois REALTORS. This is a slight increase from 2017 ($185,000) and 2016 ($178,000).
Inventory. Inventory tracks the number of homes available on the market at any given time. As of October 2018, there was an inventory of about 58,700 statewide. This is down slightly from previous years. At this time in 2017, for example, there was about 60,300 available in inventory; in 2016, that number was 64,600.
Home Sales. According to Illinois REALTORS, there were about 13,035 homes sold statewide in October 2018, down about .2 percent from October 2017 (13,056 homes sold). However, the outlook improves when you narrow in on specific regions around the state. According to Illinois REALTORS, for example, 50 Illinois counties reported sales gains for October over previous year numbers, including Madison and Lake Counties.
Debt and Bankruptcy
As of 2018, total household debt in the U.S. has reached a record high of $13.3 trillion, according to data reported by Bloomberg. That includes mortgage debt, auto debt, medical debt, student loan debt, and others. For more comprehensive reporting on debt statistics in the U.S., be sure to check out our article, here.
As for Illinois? There are several interesting stats to report. For instance, according to a 2016 report from the consumer resource site NerdWallet, there were about 432 bankruptcy filings per 100,000 people in Illinois, between 2015 and 2016. According to that same study, Cook County reported the 16th highest rate of bankruptcies of any county in the nation, with 638.35 filings per 100,000 people.
More Than Just Numbers
Getting a handle on all this data is one thing – but putting knowledge into practice? That’s something else entirely. If you’re looking for a Chicagoland law firm that understands the human side beneath the mountain of stats and trends, then the Gunderson Law Firm would be happy to help.
Our team of attorneys and staff are experienced and knowledgeable in the many elements that go into real estate and bankruptcy law for Chicagoland residents and beyond. Our professionals possess unparalleled expertise and insight, bolstered by years of experience and valuable connections with many of the top real estate and financial professionals in Illinois.
But more than anything, we are committed to providing the advocacy you need without the attitude you don’t. If you have found other lawyers to be more about their egos than about your case, talk to Gunderson Law Firm. Our attorneys are not only highly knowledgeable and experienced, but very down-to-earth. We’re all about great representation and timely results, tailored to your unique circumstances.
Let our experts guide you through the legal process with ease! Drop us a line today to keep the conversation going.