Positive housing market momentum in the Chicago market carried into September with home sales and median prices experiencing healthy year-over-year gains as fall commenced.
In the nine-county Chicago PMSA (primary metropolitan statistical area), home sales (single family and condominiums) in September 2015 totaled 9,753, an increase of 5.3 percent from the 9,261 sales in September 2014, according to new data published by the Illinois Association of Realtors.
The sales were so good, in fact, that the group’s president, Mike Drews, said the statewide numbers are “the best sales numbers for September in a decade.”
The median price in September in the Chicago PMSA was $207,570, up 6.4 percent from $195,000 in September 2014.
Hyper-locally for the Chicago PMSA, three counties had notable gains in important year-over-year benchmarks for September 2015. DuPage County had sales increase by 8.5 percent with 1,170 units sold. Healthy price gains were recorded as well. Kendall County experienced a median price gain of 17.6 percent to $200,000, and Cook County prices lifted 7.6 percent to $215,000.
[graphiq id=”iE7l89NpjxP” title=”Home Sale Statistics in Chicago-Naperville-Joliet Metro, IL” width=”600″ height=”678″ url=”https://w.graphiq.com/w/iE7l89NpjxP” link=”http://places.findthehome.com/l/294082/Chicago-Naperville-Joliet-Metro-IL” link_text=”Home Sale Statistics in Chicago-Naperville-Joliet Metro, IL | FindTheHome”]
The median price of a home in Chicago was $250,000, up 0.4 percent over September 2014 when the median price was $249,000. The 2,358 homes sold in the city in September 2015 was 5.2 percent greater than the 2,242 homes sold during the same month last year.
“The annual pattern of home sales continues with modest annual gains but negative month-over-month growth rates,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, in a prepared statement. “The dampening effect of less-than-expected job growth has not yet affected the housing market and housing prices continue to climb modestly.”
Hewings adds that the Chicago market is taking a little longer than the rest of the state to recover from the housing market collapse, noting that after adjusting for inflation, the state median price index is now 91 percent of its 2008 peak, while Chicago’s is 86 percent.
Statewide, home sales in September 2015 totaled 13,794 homes sold, up 5.6 percent from September 2014 when 13,058 homes sold. The median price across Illinois in September 2015 rose to $172,000, a 6.2 percent gain over September 2014’s statewide median price of $162,000.
Across Illinois, it took an average of 64 days to sell a home in September, down from 69 days a year ago. Available housing inventory remained tight with 70,547 homes for sale, a 10 percent decline from September 2014 when there were 78,373 homes.
