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Median Condo Price In City Is $308,500; Interest Hike Propels Some Buyers

CHICAGO — The median price of a condo sold in the city last month was $308,500 — up 8.2 percent from November 2015, a new report says.

The median price for a single family home in the city of Chicago was $212,450 — 21.4 percent higher than a year ago, according to the monthly report by the Illinois Association Of Realtors.

The median price means half sold for more and half sold for less.

The market in the city remains tight: there were 11.9 percent fewer homes of all types for sale in the city last month compared to November of 2015. Still, the number of homes sold in the city in November compared to a year ago was up 13.2 percent. Homes are selling faster, too, the report says.

Buyers may be trying to get ahead of interest rate increases, said Matt Silver, president of the Chicago Association of Realtors. The end of the presidential election and the Cubs run to the World Series, which he described as possible distractions, may have freed home buyers as well, Silver said.

In the greater nine-county Chicago area, the median price for a condo was $180,000 and a single family home was $230,000, up 7.1 percent and 9.5 percent respectively from November of 2015. Lake County Illinois was cited in the report for a 25 percent increase in year-to-year sales.

Writing for the Realtors association, University of Illinois real estate expert Geoffrey J.D. Hewings, said of the state sales activity: "Supply continues to be a problem but prices of both regular and foreclosed properties increased and the forecasts suggest that these trends will continue into the first quarter of 2017."

The rising prices among tight inventory was also the case across the country, according to a national study also released Wednesday by the National Association of Realtors.

"First-time buyers in higher priced cities will be most affected by rising prices and mortgage rates next year and will likely have to stretch their budget or make compromises on home size, price or location," said Lawrence Yun, the chief economist for the national realtors group.

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