2013 was a great year for the Chicago housing market! Overall in the city median sales price for condos were up 14.9% and single family homes were up 15.4%. And in December 20013:
City of Chicago Market Snapshot
- Overall sales (single-family and attached homes) in 2013 rose to 22,397 units, a 21.2 percent gain compared to 27,155 home sales in 2012. Single-family sales were up 6.8 percent and condo sales rose 7.9 percent.
- The average median price of a home in 2013 was $220,000, up 18.9 percent compared to $185,000 in 2012.
- On average, it took 56 days to sell a house in 2013, down 28.2 percent from 78 days in 2012.
Chicago Metro Area Market Snapshot
- In the nine-county Chicago metro region, 2013 home sales totaled 111,427, up 23 percent from 90,608 homes sold in 2012.
- The median home price in the Chicago metro area in 2013 was $177,500, up 10.9 percent from $160,000 in 2012.
- Time on the market dropped substantially, with metro area listings averaging 68 days until sale, a 24.4 percent drop from 90 days in 2012.
- The average commitment for a 30-year, fixed-rate mortgage in the North Central region of Illinois was 4.48 percent in December 2013, up from 3.32 percent in December 2012.
State of the Market
- The housing market is a robust one heading into the new year, and consumer interest does not seem to be flagging despite diminished inventories.
- In 2014, housing prices will likely stabilize.
- Mortgage rates will continue to inch up but remain attractive enough to maintain market momentum.
- It will be important for the industry to continue to push for increased federally-backed loan limits to keep people from being priced out of their next home.
Click here to see the detailed December 2013 Chicago Real Estate Market Report from the Chicago Association of Realtors
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