Illinois home prices continued to recover with median prices showing year-over-year gains every month in 2014. Home sales, while modestly lower than 2013, pointed toward a stabilizing market, according to the latest report from the Illinois Association of REALTORS®.
Some highlights: The statewide median price for the month of December was $154,000, up 3.7 percent from the year before while the year-end median price for 2014 also showed gains — up 6.7 percent to $160,000 compared to $150,000 in 2013. Illinois home sales for the month of December totaled 11,397, a 0.9 percent annual decline compared to December 2013. Home sales for the entire year of 2014 home sales totaled 146,659, down 4.7 percent from 153,937 in 2013. Read the latest IAR news release for more information.
“This year marks what appears to be a turning point for the Illinois housing market. We saw strong and sustained median price gains and sales volumes remained healthy throughout the year. The showing we had in 2014 sets the housing market up nicely for a strong start to 2015,” said Jim Kinney, ABR, CRB, CRS, GRI, president of the Illinois Association of REALTORS® and vice president for luxury home sales at Baird & Warner in Chicago.