Illinois home prices have continued rising as sellers shoot for the moon with the list price of their homes.
The statewide median price went up 5.9 percent to $286,000 in June compared to June 2021. Add higher mortgage interest rates, and some buyers have decided to stay on the sidelines for now, while others end up in a bidding war for a house.
“In my own district, which is central, west-central Illinois, kind of the heartland of America, properties for sale are getting 15 to 18 offers in some cases, leaving many potential home buyers discouraged and exhausted,” Illinois U.S. Rep. Darin LaHood, R-Peoria, said during a recent U.S. House Ways and Means Committee hearing on housing….