Illinois housing market ends year with December jump in sales, prices

State News

(AP Photo/Rogelio V. Solis)

SPRINGFIELD, Ill. — Illinois home sales and median prices increased through December 2019, according to the Illinois REALTORS voluntary trade association.

Statewide home sales closed out the overall year with a modest decline while median prices continued an eight-year trend of sustained year-over-year annual increases.

Sales, including single-family homes and condominiums, in December 2019 totaled 11,372 homes sold, up 12.1 percent from 10,144 in December 2018. Year-end 2019 home sales totaled 156,937, down 2.6 percent from 161,209 in 2018.

The statewide median price in December was $200,000, up 7.2 percent from December 2018 when the median price was $186,500. The median is a typical market price where half the homes sold for more and half sold for less. The year-end 2019 median price reached $208,965, up 3.4 percent from $202,000 in 2018.

“More temperate December weather and attractive mortgage rates set the state up for a strong finish to a year that has been marked by sales swings,” said Ed Neaves, president of Illinois REALTORS and designated managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “Looking ahead, it is possible that 2020 will look a lot like 2019, as many of the same market dynamics, which include low inventories and attractive financing rates, will extend into the new year.”

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.72 percent in December 2019, an increase from 3.70 percent the previous month, according to the Federal Home Loan Mortgage Corp. In December 2018 it averaged 4.64 percent.

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