The Chicago-area housing market ended 2019 with one of its most vigorous months in a long time, with sizable increases in the number of homes sold and the median sale price, according to data released this morning.
In the city, 1,861 homes sold in December, according to the data released by Illinois Realtors, a statewide industry association. That was up 9 percent from a year earlier and the biggest sales increase since March 2017.
The spurt came after a 15-month stretch in which city sales were down in 14 months and flat in one.
The median December sale price in Chicago was $278,500, an increase of 10.7 percent from a year earlier. It was the biggest increase in the city median price since January 2017.
The caveat to keep in mind is that December 2019 is being compared to December 2018, which Crain’s reported at the time was the market’s weakest month in seven years.
Nevertheless, the increases show a strong surge last month.
In the nine-county metropolitan region. 7,874 homes sold in December, up 12.8 percent from a year earlier. It was the biggest increase since March 2017 and followed a 16-month stretch in which sales increased in only one month.
The median sale price last month in the nine-county region in December was $237,500, up 5.6 percent from a year earlier. It was the biggest increase for the region since February 2018.
The local increases were in line with the national housing market’s performance in December. Nationwide, home sales were up 10.8 percent in December from a year earlier, according to a separate report released today by the National Association of Realtors. The median price of a home sold in December nationwide was $274,500, up 7.8 percent from December 2018.
The December surge was not enough to put a positive finish on the year for the Chicago area.
In the city, 26,176 homes sold during 2019, according to the Illinois Realtors report, a decline of 4.9 percent from a year earlier. It was the second year of declining city home sales. In 2018, sales were down 4.4 percent, after two years of increases.
In the nine-county region, the year-end sales total was 110,420, down 3.3 percent from 2018. As with the city, it was the second full year of declines. Sales grew in the metro area in 2015, 2016 and 2017.
Nationwide, home sales last year were flat compared to 2018.
The year-end median sale price in Chicago was $295,000, up 1.7 percent from 2018. In the nine-county region it was $248,000, up 2.3 percent.
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January 22, 2020 at 11:01PM
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Big growth in home sales, prices in December - Crain's Chicago Business
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