Holiday cheer began to spread throughout the statewide housing market in November as homes sales and median prices outpaced last year, continuing the positive rebound of the last half of 2020, data from Illinois REALTORS® shows.
Statewide home sales (including single-family homes and condominiums) in November totaled 14,370 homes sold, up 29.0 percent from 11,141 in November 2019.
The statewide median price in November was $230,000, up 15.0 percent from November 2019, when the median price was $200,000. The median is a typical market price where half the homes sold for more and half sold for less.
“Temperatures may be falling but the state’s housing market remained hot in November with double-digit gains in home sales and prices,” said Sue Miller, president of Illinois REALTORS® and designated managing broker of Coldwell Banker Real Estate Group in McHenry. “2020 has been a challenging year, but the housing market has been a bright spot and is ending the year strong.”
The time it took to sell a home in November averaged 41 days, down 22.6 percent compared to last year. Available inventory totaled 34,486 homes for sale, a 36.8 percent decline from 54,604 homes in November 2019.
According to the data, home sales in the Champaign-Urbana MSA (Champaign, Piatt and Ford counties) totaled 234 units, a 29.3 percent increase while the median price was up 19.0 percent to $175,000; home sales in the Metro East MSA (Bond, Calhoun, Clinton, Jersey, Macoupin, Madison, Monroe and St. Clair counties) totaled 802 units, a 35.5 percent increase while the median price was up 13.2 percent to $152,750.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 2.77 percent in November, a decrease from 2.83 percent the previous month, according to the Federal Home Loan Mortgage Corp. In November 2019, it averaged 3.70 percent.
In the nine-county Chicago Metro Area, home sales (single-family and condominiums) in November totaled 10,061, up 31.9 percent from November 2019 sales of 7,630 homes. The median price in November was $269,900 in the Chicago Metro Area, an increase of 12.2 percent from $240,500 in November 2019.
“For the last five months trend, both Illinois and Chicago housing markets recorded positive year-over-year increases in both prices and sales,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “The forecast for next year suggests a continuation of those trends, provided the distribution of vaccines presages a more robust and extensive recovery of the economy beyond the stock market.”
The city of Chicago saw year-over-year home sales increase 17.6 percent with 1,965 sales in November, compared to 1,671 a year ago. The median price of a home in the city of Chicago in November was $295,000, up 9.3 percent from November 2019.
“The November data is showing supply and demand at work in the city of Chicago,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services of Coldwell Banker Realty. “As each of our 77 neighborhoods is performing differently, low inventory across some neighborhoods is causing prices to rise and market time to decline; those shopping for a home right now are focused. The 17.6 percent increase in closed sales compared to last November demonstrates that the city remains desirable, and properties of all types are moving in the market.”
Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
Find Illinois housing stats, data and the University of Illinois REAL forecast for 2021 at www.IllinoisRealtors.org/MarketStats.