Industry News

Illinois real estate sales climb in 4th quarter

Chicago's median condo prices approach $200,000

Single-family home sales in Illinois continued strong in the fourth quarter, with Realtors reporting 21,600 closings, up 5.1 percent from 20,552 sales in the fourth quarter of 2003, the Illinois Association of Realtors reported today. In the fourth quarter of 2004, the statewide median price was $184,800, up 7.8 percent from $171,400 during the same period in 2003. In the Chicagoland Primary Metropolitan Statistical Area (PMSA), fourth-quarter, single-family home sales increased 3.3 percent to 18,810, from 18,201 in the fourth quarter of 2003. The Chicagoland PMSA includes the counties of Cook, DuPage, Lake, McHenry, Kane, Will, Grundy and Kendall. The median price of single-family homes sold in the Chicagoland PMSA increased 9 percent to $241,800 in the fourth quarter of 2004; it was $221,900 in 2003. Statewide, median home prices in the fourth quarter ranged from $490,800 in the North Shore to $52,500 in the Kewanee area (Mid Valley Association of Realtors). A sample of the area...

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