Illinois home sales jump 34.9% in October

Posted: Dec 1, 2020 / 10:23 AM CST / Updated: Dec 1, 2020 / 10:27 AM CST

A “sale pending” sign is posted on.a home in Westfield, Ind., Friday, Sept. 25, 2020. Sales of new homes remained steady in October at a seasonally adjusted rate of 999,000 units. While the Commerce Department said October new home sales were down 0.3% from September, the government revised up its September figure marginally. (AP Photo/Michael Conroy)

SPRINGFIELD, Ill. (WMBD) — Illinois home sales climbed again in October, marking the fourth consecutive month that closed sales outpaced the year before.

Statewide home sales (including single-family homes and condominiums) in October totaled 17,713 homes sold, up 34.9% from 13,127 in October 2019.

The statewide median price in October was $233,000, up 16.5% from October 2019, when the median price was $200,000. The median is a typical market price where half the homes sold for more and half sold for less.

“The Illinois housing market continues to be resilient with a spike in October home sales and an uptick in home prices,” said Sue Miller, president of Illinois Realtors and designated managing broker of Coldwell Banker Real Estate Group in McHenry. “Buyer demand remains strong, but inventory is still an issue. This is a great time for homeowners who have been thinking of selling to put a for sale sign in the yard.”

The time it took to sell a home in October averaged 43 days, down 17.3 percent compared to last year. Available inventory totaled 39,419 homes for sale, a 34.4 percent decline from 60,127 homes in October 2019.

According to the data, home sales in the Bloomington MSA (McLean and Dewitt counties) totaled 270 units, a 36.4 percent increase while the median price was up 10.6 percent to $160,490.