AgentIndustry News

Chicago home sales trend upward as fall settled in

Both inventory and time on market fell in Chicago, while home prices steadily rose.
  • The median price in September in the Chicago PMSA was $207,570, up 6.4 percent from $195,000 in September 2014.
  • The median price of a home in Chicago was $250,000, up 0.4 percent over September 2014 when the median price was $249,000.
  • The state median price index is now 91 percent of its 2008 peak, while Chicago’s is 86 percent.

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Positive housing market momentum in the Chicago market carried into September with home sales and median prices experiencing healthy year-over-year gains as fall commenced. In the nine-county Chicago PMSA (primary metropolitan statistical area), home sales (single family and condominiums) in September 2015 totaled 9,753, an increase of 5.3 percent from the 9,261 sales in September 2014, according to new data published by the Illinois Association of Realtors. The sales were so good, in fact, that the group’s president, Mike Drews, said the statewide numbers are “the best sales numbers for September in a decade.” The median price in September in the Chicago PMSA was $207,570, up 6.4 percent from $195,000 in September 2014. Hyper-locally for the Chicago PMSA, three counties had notable gains in important year-over-year benchmarks for September 2015. DuPage County had sales increase by 8.5 percent with 1,170 units sold. Healthy price gains were recorded as well. Kenda...