CAR: city market booming in 2004

Chicago’s housing market continues to break records for both the number of units sold and median prices, according to a local trade group.

Both volume and prices for the first three quarters of 2004 are up significantly over 2003, according to the Chicago Association of Realtors. Sales of detached single-family homes increased by 6 percent, and their median price rose by 15 percent, according to CAR. The volume of attached homes – condos and townhouses – rose 15 percent, while prices rose 9 percent.

The median price of a single-family home in the city was $210,000 during the first three quarters, and attached homes had a median of $160,750.

“The fall housing market has showed no signs of slowing down,” said Darlene Little, president of the Chicago Association of Realtors. “In the past, the fall was typically the season when Realtors had more time on their hands, but there are still plenty of buyers out there fueling this prosperous market.”

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