CHICAGO — Median sale prices for houses and condos are up in the city, hitting $245,900 in June, a 17 percent increase over last summer, a new report says.
Looking just at condos, the median price was $286,750 for June of this year — a 14.5 percent improvement over June of 2012, according to the Illinois Association of Realtors report released Monday.
Total sales of condos and houses in June of this year was 2,623 — 12.5 percent better than June of last year, the report said.
Homes in the city are also selling faster: the average time on the market for homes sold in June was 51 days. In June of 2012, the time on the market was 76 days, the association said.
Zeke Morris, a partner in Keller Williams Realty and the president of the Chicago Association of Realtors, said the demand is not just limited to hot neighborhoods.
He said in a statement that the growing real estate demand is "bringing activity to some of our lower-performing neighborhoods as inventory thins city wide."
Keller Williams Realty's Chicago office is in Hyde Park at 716 E. 47th St.
In the nine-county Chicago area, there were 11,103 houses and condos sold in June, up nearly 19 percent from the same month last year. The median price was $206,000 for homes and condos, up from $182,000.
Michael D. Oldenettel, president of the Illinois Association of Realtors, says that statewide "enthusiasm on the part of buyers shows no signs of flagging, and that the drive to own a home is helping the state out of one of the worst downturns in recent memory."
