- In October 2014, 9,146 homes sold in the Chicago PMSA. This marked a 3.3 percent decrease from October 2013 sales of 9,462 homes at a time when more homes were available for sale.
- The median price in October 2014 was $185,000, up 5.7 percent from $175,000 in October 2013.
- The time it took to sell a home dropped year-over-year in October with listings averaging 61 days until sale, a 1.6 percent decrease compared to 62 days in September 2013.
- Chicago saw an 8.6 percent decrease in year-over-year home sales in October 2014 with 2,082 sales, down from 2,279 in October 2013 when more homes were on the market.
- The sales forecast for November, December and January indicate that the sales in the Chicago PMSA will catch up in the next three months. Annually, the three-month average forecasts point to a change from 0.9 percent to 1.2 percent for the Chicago PMSA. On a monthly basis, the three-month average sales are forecast to decrease by 10.7 percent -14.3 percent for the Chicago PMSA.
- In October 2014, 3,514 houses were newly filed for foreclosure in the Chicago PMSA. This is down 10 percent from October 2013, and up 52.3 percent from September 2014.
- In October, 3,134 foreclosures were completed, down 52.3 percent from last October.
- The foreclosure inventory of homes for sale is 32,261 in the Chicago PMSA.
State of the Market
- This holiday housing market favors buyers and sellers.
- Annual median sales prices continued trending higher than last year on shorter sales times, creating an incentive for sellers looking to build equity.
- Sellers considering putting their home on the market can find motivation from short average market times.
- For buyers, this time of year leaves less competition for their ideal home with fewer homes on the market.
- Buying a home now provides families and individuals enough time to deduct home purchase costs on their taxes for the current year.