Illinois home sales climbed again in October, marking the fourth consecutive month that closed sales outpaced the year before. The statewide median price also increased as consumers faced inventory shortfalls in some areas, data from Illinois Realtors shows.
Statewide home sales (including single-family homes and condominiums) in October totaled 17,713 homes sold, up 34.9 percent from 13,127 in October 2019.
The statewide median price in October was $233,000, up 16.5 percent from October 2019, when the median price was $200,000. The median is a typical market price where half the homes sold for more and half sold for less.
“The Illinois housing market continues to be resilient with a spike in October home sales and an uptick in home prices,” said Sue Miller (shown), president of Illinois Realtors and designated managing broker of Coldwell Banker Real Estate Group in McHenry. “Buyer demand remains strong, but inventory is still an issue. This is a great time for homeowners who have been thinking of selling to put a for sale sign in the yard.”
The time it took to sell a home in October averaged 43 days, down 17.3 percent compared to last year. Available inventory totaled 39,419 homes for sale, a 34.4 percent decline from 60,127 homes in October 2019.
According to the data, home sales in the Bloomington MSA (McLean and Dewitt counties) totaled 270 units, a 36.4 percent increase while the median price was up 10.6 percent to $160,490; home sales in the Springfield MSA (Sangamon and Menard counties) totaled 368 units, a 27.3 percent increase while the median price was up 7.3 percent to $153,500.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 2.83 percent in October, a decrease from 2.89 percent the previous month, according to the Federal Home Loan Mortgage Corp. In October 2019, it averaged 3.69 percent.
In the nine-county Chicago Metro Area, home sales (single-family and condominiums) in October totaled 12,532, up 39.0 percent from October 2019 sales of 9,013 homes. The median price in October was $274,050 in the Chicago Metro Area, an increase of 14.2 percent from $240,000 in October 2019.
“Continuing a four-month trend, both the Illinois and Chicago housing markets recorded positive year-over-year increases in both prices and sales,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois. “Sales changes year-over-year in Illinois and Chicago outpaced the national averages while the changes in prices were very close to those observed nationally.”
The city of Chicago saw year-over-year home sales increase 21.9 percent with 2,541 sales in October, compared to 2,084 a year ago. The median price of a home in the city of Chicago in October was $315,000, up 14.5 percent from October 2019.
“Demand remains strong, with continued year-over-year increases in closed sales and median sales prices, coupled with a large drop in the days on market. While every neighborhood is reacting differently to the pandemic, overall, single family homes continue to be popular with homebuyers and condos are also keeping pace,” said Nykea Pippion McGriff, president of the Chicago Association of Realtors and vice president of brokerage services of Coldwell Banker Realty. “For those looking to move or sell, these are all signs of a healthy market as we move into the winter months.”
Note: Due to technical difficulties experienced by the vendor that compiles the monthly housing data, the statewide housing report was delayed. The sales and price information are generated by Multiple Listing Service data on closed sales reported by 26 participating Illinois Realtors local boards and associations including Midwest Real Estate Data LLC data as of Nov. 16 for the period Oct. 1 to Oct. 31, 2020.
Find Illinois housing stats, data and the University of Illinois REAL forecast at www.IllinoisRealtors.org/MarketStats.