ILLINOIS HOUSING STATISTICS

Illinois Housing Statistics
Illinois Home Sales Set Third Consecutive Record Year in 2004: Fourth Quarter Sales up 5.1 percent; Statewide Median Price at $184,800
Continued strong demand for homeownership drove single-family home sales to an all-time high in 2004, with no sign of a slowdown in the last quarter. Single-family home sales increased 4.7 percent in Illinois in 2004. In 2004, a total of 127,432 single-family homes were sold across the state, compared to 121,712 sales in 2003. IAR’s latest report on single-family home sales showed that 21,600 homes were sold across the state in the fourth quarter, up 5.1 percent from 20,552 sales in the fourth quarter of 2003.
The Illinois median price for a single-family home rose 5.9 percent in 2004 to $183,800, compared to $173,600 in 2003. In the fourth quarter of 2004, the median price was $184,800, up 7.8 percent from $171,400 during the same period in 2003. The average price of a home for the same period increased 6.6 percent to $211,000 in 2004 compared to $197,900 in the fourth quarter of 2003. The average price of a home was $211,600 in 2004, up 5.6 percent from $200,400 in 2003.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), sales of single-family homes for the year were up 3.8 percent to 80,927 and the median price was up 7.9 percent to $242,000. In 2003 home sales for the region totaled 77,951; the median price was $224,300. In the Chicagoland PMSA, fourth quarter, single-family home sales increased 3.3 percent to 18,810, from 18,201 in the fourth quarter of 2003. The median price of single-family homes sold in the Chicagoland PMSA increased 9.0 percent to $241,800 in the fourth quarter of 2004; it was $221,900 in 2003.
Read the Fourth Quarter Release.
Illinois Home Sales Set a New Record in 2004; December Sales Up 5.5 Percent; Median at $184,000
As anticipated, 2004 marks the strongest year on record for housing in Illinois with December sales of existing, single-family homes ending the year on a high note, up 5.5 percent over December 2003 sales. According to the latest survey from the Illinois Association of REALTORS, statewide a total of 126,946 sales have been reported for the year 2004, up 4.3 percent from 121,712 total sales in 2003. Monthly sales of existing, single-family homes in December were up 5.5 percent to 9,509 homes sold compared to 9,014 homes sold in the same period one year ago.