2014 A Year of Sluggish Sales, Recovering Prices in Chicago Housing Market
The year 2014 ended without much surprise when it comes to home sales in Chicago. According to the latest numbers from the Illinois Association of REALTORS® (“IAR”) home sales in the city fell once again in December.
But in good news for sellers, the median sales price of Chicago condominiums and single-family homes rose during the month.
That might sound familiar. This trend has held true throughout much of 2014: Home sales in the city of Chicago fell last year when compared to 2013. But at the same time, those condominiums and single-family homes that did sell fetched higher prices.
According to IAR, the median sales price of a home in the city of Chicago in December stood at $229,250. That’s up 9.2% compared to December of 2013, when the median sales price came in at $210,000.
The median year-end sales price for all of 2014 came in at $245,000. That’s up 11.4% from a yearly median sales price of $220,000 in 2013.
It’s important to remember that the median home sales price is not the same as the average price. The median price is that figure at which half of all condominiums and single-family homes in Chicago sold for more and half for less. For all of 2014, then, half of the homes sold in Chicago fetched price tags higher than $245,000 while half sold for less than that amount. So as much as homes likely increased in value, the massive uptick in luxury sales ($1M+) could account for much of why the median went up.
When it came to the sale of condos and single-family homes, though, the news wasn’t as positive for sellers in Chicago. The city of Chicago saw the sale of 1,992 homes in December. That’s down 6.8% from the 2,137 home sales that took place in Chicago during December of 2013.
The president of the Chicago Association of REALTORS®, though, predicted that the Chicago housing market will continue to recover in 2015. This means that if you are thinking of selling, this might be a good time to make a move. Homes are selling at higher median prices. And, according to the association, homeowners in Chicago are selling their residences in an average of two months.
Ready to make a move? Call a REALTOR® who knows your neighborhood. This professional can help you set the right asking price, prepare your home and market your property to the greatest number of potential buyers.