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Median Home Price in City is Now $222,000, Study Says

By DNAinfo Staff on May 22, 2013 10:51am

 Home sales in the city are active, a new report shows.
Home sales in the city are active, a new report shows.
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Getty Images/File Photo

CHICAGO — The median price of a home in the city of Chicago in April was $222,000 — up 22 percent from April of 2012, a new report says.

Looking just at condos, the median price was $272,500, the Illinois Association of Realtors said Wednesday. The condo price was a 21 percent jump over April of last year.

Homes are defined by the association as both single-family houses and condos. The median price means that half the homes sold for more and half sold for less.

In overall numbers, Chicago had 2,331 sales of houses and condos, up 28 percent year-over-year.

In the nine-county Chicago area, 9,152 homes were sold in April 2013 — up 31.2 percent from April 2012, and the median price was $173,000. That's up 8.1 percent from $160,000 in April 2012.

Zeke Morris, president of the Chicago Association of Realtors, said in a statement that the biggest challenge currently is "a steep decline in inventory."

That, he said, "may pose difficulty for buyers looking for a wide selection in certain areas."