Sales and Prices Roll On Up for Chicago Real Estate

November 12, 2013

Real estate in ChicagoMomentum is the word of the day, as the Illinois Association of REALTORS® has released new numbers that confirm prices and sales of Chicago real estate are up over last year by double-digit percentages. Statewide home sales, including single-family homes and condominiums, in September 2013 totaled 13,018 units sold, up from 10,866 in September 2013, a 19.8 percent increase.

2013 prices rose to a median of $157,000 from $127,000 in 2012, or 12.9 percent. Mortgages also relaxed some; with the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region at 4.50 percent in September 2013, up from 4.44 percent in August, both of which are more relaxed from last year’s 3.47 percent, according to the Federal Home Loan Mortgage Corp.

If you want to focus just on the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), the numbers look even stronger. Chicago home sales in September 2013 totaled 9,583 homes sold, up a whopping 25.6 percent from September 2012 sales of 7,629 homes. When you turn to prices, the median in September 2013 was $185,000 in the Chicago PMSA, also up double digits in percentages to 15.6 percent from $160,000 in September 2012.

These numbers from the Illinois Association of REALTORS® both give hope and praise to the good work done by REALTORS® and homebuilders throughout the state, but it’s still a long road to recovery. Have you had a great experience with a real estate professional in the Chicago area who is helping to boost the recovery? Let us and fellow readers know below in the comments!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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