Illinois’ September Housing Report: Home Prices Grow
As a first post in a monthly series we hope to give you a rundown of what went on in September for the Illinois housing market. Check back every 25th of the month for your inside look into the numbers that matter in Illinois real estate.
In September Illinois’ real estate market continued its annual gains in median (or average) home prices, while overall statewide sales declined slightly.
Statewide home sales (including single-family homes and condominiums) in September 2016 totaled 13,940 homes sold, which is down 0.6 percent from last year’s total of 14,029 in September 2015. While this appears negative the statewide median price in September was actually $180,000, which is 5.0 percent up from September 2015 when the median price was $171,350. 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 September averaged just 58 days, which is down from 65 days a year ago. So despite less homes selling, the time to sell homes has actually decreased.
Available housing inventory totaled 64,934 homes for sale, a 13.2 percent decline from September 2015, when there were 74,794 homes on the market.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales actually increased from 9,887 homes sold in September 2015 to 9,895 homes sold in September 2016, for an increase of 0.1% homes sold. The median price in September 2016 was $218,000 in the Chicago PMSA, an increase of 5.1 percent from $207,500 in September 2015.
The city of Chicago shows about the same trends as the rest of the state. Chicago saw a 3.2 percent year-over-year home sales decrease in September 2016 with 2,336 sales, down from 2,414 in September 2015. However, the median price of a home in the city of Chicago in September 2016 was $261,500, which is up 4.6 percent compared to September 2015, when it was $250,000. This mirrors the overall trend in September for Illinois, which is a decrease in sales, but an increase in median home price.
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 Oct. 7, 2016 for the period September 1 through September 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.