Illinois Home Sales and Median Price Rise in November | Business, finance and technology

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SPRINGFIELD – After several months of decline, Illinois home sales returned to positive territory in November as homebuyer demand remained strong and the number of available homes declined, according to data from Illinois Realtors.

Statewide home sales (including single-family homes and condominiums) in November 2021 totaled 14,716 homes sold, up 0.8% from 14,600 in November 2020.

The statewide median price rose 7.7% in November 2021 from November 2020. The median is a typical market price where half of homes sold for more and half for less.

The number of homes for sale was 25,400 in November 2021 against 36,991 in November 2020, a decrease of 31.3%.

Homes sold in 30 days on average statewide in November 2021, compared to 41 days on average in November 2020.

“Buyers looking to move into new homes before the end of the year fueled increased home sales in Illinois in November,” said Ezekiel “Zeke” Morris, president of Illinois Realtors and brokerage firm. designated management of EXIT Strategy Realty / EMA Management on the south side. from Chicago. “While the low number of homes available for sale remains a problem, buyers taking advantage of low interest rates to satisfy their homeownership desires keep the market strong. “

According to the data, home sales in the Peoria MSA (Peoria, Marshall, Stark, Tazewell and Woodford counties) totaled 530 sales, an increase of 7.1%, and the median price fell 2.8% to $ 136,000. In the Moline-Rock Island MSA (Henry, Mercer and Rock Island Counties), home sales totaled 232, an increase of 10%. The median price fell 7.1% to $ 125,450.

“Although prices and the number of sales have fallen since their summer peak, they are still up from the same period last year,” said Dr Daniel McMillen, head of the Stuart Handler real estate department at the ‘University of Illinois at Chicago College. of Business Management. “Median prices have increased by over 7.7% since November 2020 and sales have increased by around 1%. Polls suggest the pandemic and concerns about inflation are causing consumers to become pessimistic about the economy. “

Last month, 10,321 homes (single-family and condominiums) were sold in the nine counties of the Chicago metro area, an increase of 1.2% from the 10,201 homes sold in November 2020.

In the Chicago metro area, the median home selling price in November 2021 was $ 290,000, an increase of 7.8% from $ 269,000 in November 2020.

The median price of a home in Chicago in November 2021 was $ 327,000, up 10.8% from November 2020, when it was $ 295,000.

“Condo sales, in particular, reflect the resilience of the Chicago market and the momentum that we continue to see,” said Antje Gehrken, President of the Chicago Association of Realtors and President and Designated Broker of ARE Partners . “Inventories are a concern, although they may reflect the seasonality coming into play with a slowdown in announcements during the holiday season. Overall, the data shows that Chicago remains a great place to live, work and play.

Sales and pricing information is generated by the Multiple Listing Service, closed sales reported by 23 participating local Illinois Realtors boards and associations, including data from Midwest Real Estate Data LLC as of December 7, 2021, for the period November 1 to November 30, 2021. Metro Chicago, as defined by the US Census Bureau, includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties.

Based on data from the Federal Home Loan Mortgage Corp., the average monthly commitment rate for a 30-year fixed-rate mortgage was 3.07% in November 2021, the same as the month before. The average was 2.77% in November 2020.


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