Illinois November Housing Report: Prices Continue to Grow
We’re continuing our monthly Housing Report series with great news about the Illinois housing market for the month of November.
Home sales in Illinois regained a steady momentum with a double-digit increase in annual home sales and median prices for November, according to Illinois REALTORS®.
Statewide home sales are up 14.8% this November from November 2015, going from 9,881 homes sold to a new total of 11,341, quite an impressive gain!
Statewide median prices have also gone up, a total of 7.9% from November 2015, where the median home price was $165,000 – for 2016 it went up to $178,000. The median is a typical market price where half the homes sold for more and half sold for less.
The time it took to sell a home in November averaged just 62 days, down from 68 days a year ago. Available housing inventory totaled 57,310 homes for sale, a 14.7% decline from November 2015 when there were 67,187 homes on the market.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in November 2016 totaled 8,093 homes sold, up 16.0% from November 2015 sales of 6,979 homes. The median price of homes in November 2016 was $215,000 in the Chicago PMSA, which is an increase of 10.3 percent from the median price of $195,000 in November 2015.
The city of Chicago saw a 13.2% year-over-year home sales increase in November 2016 with 1,881 sales, up from 1,661 in November 2015. The median price of a home in the city of Chicago in November 2016 was $260,000, up an impressive 11.3% compared to November 2015 when it was $233,500.
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 Dec. 7, 2016 for the period Nov. 1 through Nov. 30, 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.