Snapshot of Illinois Housing Market
May Illinois home prices rose 8.3 percent and home sales decreased 9.4 percent compared to May 2013, while the trend continues of recent month-over-month sales gains, according to the Illinois Association of REALTORS®.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in May 2014 totaled 9,806 homes sold, down 12.2 percent from May 2013 sales of 11,171 homes.
The median price in May 2014 was $207,000 in the Chicago PMSA, up 13.1 percent from $183,000 in May 2013.
“The housing market continues to provide evidence of a return to more normal conditions,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “Sales continue to increase on a month-to-month basis although they have been unable to match the stellar gains of last year. The impact of foreclosures continues to decrease with the expectation that the numbers of foreclosed properties on the market will return to pre-recession levels sometime in the next 6-12 months. Homeownership rates for retiring Baby Boomers continue to increase providing some potential medium-term housing market growth opportunities.”