Illinois’ December Housing Report: Sales Dip But Market Ends on High Note
We’re finishing off 2016 with positive news about the Illinois housing market!
Despite a dip in home sales in December, both sales and median prices finished in positive territory in 2016, closing out a year marked by tight housing inventories and continued strong consumer demand, according to Illinois REALTORS®.
Statewide home sales (including single-family homes and condominiums) in December 2016 totaled 11,629 homes sold, which is down 2.8 percent from 11,969 in December 2015. However year-end 2016 home sales totaled 162,380, an increase of 3.9 percent from 156,239 in 2015.
The statewide median price in December was $174,900, which is up 6.0 percent from December 2015 when the median price was $165,000. The median is a typical market price where half the homes sold for more and half sold for less. The year-end 2016 median price reached $184,000, up an impressive 6.4 percent from $173,000 in 2015.
The time it took to sell a home in December averaged just 66 days, down from 74 a year ago. Available housing inventory totaled 50,213 homes for sale, a 15.7 percent decline from December 2015 when there were 59,559 homes on the market.
Year-end home sales totaled 28,033, a 1.9 percent increase compared to 27,513 in 2015. The median price of a home in the city of Chicago in December 2016 was $260,000, an increase of 8.3 percent compared to December 2015 when it was $240,000. The year-end 2016 median price reached $272,000, up 4.2 percent from $261,000 in 2015.
Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Jan. 9, 2017 for the period Dec. 1 through Dec. 31, 2016. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.