Chicago Home Prices Up

Posted on October 23rd, 2009 in All Articles, Market Conditions.

Chicago’s market seeing a slight pickup! In the Chicagoland Primary Metropolitan Statistical Area (PMSA), year-over-year home sales were positive for the third consecutive month, up 5.9 percent to 6,862 total home sales (single-family and condominiums) sold in September 2009 compared to 6,477 homes sold in September 2008. The median home sale price for the Chicagoland PMSA was $199,000 in September 2009, down 10.8 percent from $223,000 in September 2008.

Statewide Illinois home sales increased year-over-year in the month of September for the first time since March 2006 with first-time buyers driving the rebound in sales. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in September 2009 reached 10,350 homes sold, up 3.3 percent from September 2008 sales of 10,018. The Illinois median price in September 2009 was $160,000 down 9.3 percent from $176,450 in September 2008. The median is a typical market price where half the homes sold for more, half sold for less.

“Buyers taking advantage of the first-time homebuyer tax credit were clearly out in force in most regions statewide in September and thus building momentum for a recovery in the housing market,” said REALTOR® Mike Onorato, president of the Illinois Association of REALTORS®. “Home sale gains this month show the tax credit is working and should be extended through 2010 as it is helping to stabilize home prices and creating thousands of jobs that rely on housing. Today’s lower prices and interest rates are very appealing to consumers, but it’s the tax credit that is attracting people to homeownership. Not renewing the tax credit could potentially jeopardize a full recovery needed to get the economy back on track.”The Illinois Association market stats in full are in the link below.

Look at market stats here.