DOWNTOWN — The median sale price for homes in the city of Chicago grew 11.4 percent in 2014, though the number of closed sales dipped 6.8 percent, a new report says.
The median price for a home in Chicago for 2014 was $245,000, according to the Illinois Association of Realtors. There were 25,414 homes sold in the city last year, down from 27,242 in 2013, the report said.
The year-end analysis did not distinguish the median sale price for single family homes and condos in Chicago for all of 2014. However, looking at December of 2014 alone, the median sale price for a single family house in the city was $180,000; for condos, it was $275,000.
In a statement, Hugh Rider, president of the Chicago Association of Realtors and co-president of Realty & Mortgage Co., said the city "housing market recovery will continue making strides in 2015."
"Chicago buyers are willing to navigate tight inventory, motivated by low interest rates that will likely inch upward this year. For Chicago buyers taking advantage of low rates, they are moving quickly and investing strongly in their ideal home,” said Rider.
"The average homeowner is selling in less than two months, and benefiting from higher median prices,” he added.
In the Chicago metro area, median sales price for homes was $194,000 in 2014, up 9.3 percent. Sales, at 104,379, were down 6.5 percent. In December, the median sale price for single family homes in the area was $195,000; condos were $160,000 regionally, the report said.
Geoffrey J.D. Hewings, a real estate expert from the University of Illinois, said "robust job growth has resulted in more upbeat consumer sentiments about the economy" and forecast "both positive growth for sales and prices in 2015."
In a statement released through the Realtors association, Hewings forecast that median home prices in the nine-county Chicago area could be up 3.7 percent to 8.7 percent in 2015.
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