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 Ben Heisler

Ben Heisler works as an account coordinator for clients involved in the housing market, construction material, rentals, personal finance and more. Visit my Google+ profile.

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