Jan
27

Home Shopping Spree: Chicago 2013 Real Estate Sales Beat 2012

January 27, 2014

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[photo via Flickr user Bryce Edwards]

The City of Chicago witnessed a 21.2 percent increase in home sales during 2013 with a healthy total of 27,155 sales made according the Illinois Association of Realtors. Single family home and condo sales in the Chicagoland metro area were up 23 percent over last year. The median home price has also been following an upward trend, raising 18.9 percent to $220,000 prompting local home owners to yell Hallelujah!

What was the cause of this buying frenzy? Experts believe that an abundance of motivated sellers combined with low interest rates and a surplus of pent up demand was the catalyst to this past year’s big gains. It’s not off the charts progress, but 2013 real estate sales show signs of a much improved market since Chicago home values hit their low point in 2011.

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Illinois home sales climb again in December; 2013 marks a strong year of housing recovery [IL Association of Realtors]

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