In Illinois, home sales in October reached the fourth consecutive month that closed sales outpaced the year before. According to Illinois REALTORS®, the statewide median price increased while consumers face inventory shortfalls in some areas.
In October 2020, statewide home sales (including single-family homes and condominiums) totaled 17,713 homes sold. That’s up 34.9 percent from the 13,127 homes sold in October 2019. While the statewide median price in October 2019 reached $200,000, the statewide median price in October 2020 rose 16.5 percent, reaching $233,000.
“The Illinois housing market continues to be resilient with a spike in October home sales and an uptick in home prices,” said Sue Miller, 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.”
Averaging 43 days to sell a home in October, the percentage dropped 17.3 compared to the year before. Available inventory totaled 39,419 homes for sale, a 34.4 percent decline from 60,127 homes in October 2019.
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 2020 was $274,050, an increase of 14.2 percent from $240,000 in October 2019.
Chicago saw year-over-year home sales increase 21.9 percent with 2,541 sales in October, compared to 2,084 sales a year ago. The median price of a home in Chicago 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.”