Chicago House Prices Highest Since 2008

The median sale price of Chicago houses in the third quarter was the highest since third quarter 2008. It was also the first time since then that the median sale price rose above $200,000.^*

The median sale price was $204,000, rising 13.3% from a year ago when it was $180,000. Back in third quarter 2008 the median sale price was $205,000. As shown below, Chicago house prices have been recovering since first quarter 2009.

The number of listed houses for sale in the 3rd quarter was up 1.8% from 3rd quarter 2013. There were 9,756 houses for sale compared with 9,585 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 36% of the inventory to 24%.

The number of Chicago houses sold in the 3rd quarter was down 9.3% from a year earlier. Pending sales were up 4.5%.

WHAT THIS MEANS FOR CHICAGO HOUSE BUYERS

Higher prices confirm that it’s no longer a buyers market. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO HOUSE SELLERS

If your house is priced right when it goes on market, it should sell in less than 4 months. The average days on market was down up 7.5% to 97 days. Be careful pricing your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, get our free home valuation.

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^*Information is based on data from Midwest Real Estate Data (MRED).