Economic uncertainties have done little to stymie Chicago’s robust real estate market, according to year-end numbers for 2004 from the Chicago Association of Realtors. The local trade group recorded a 9 percent increase in the number of properties sold in the city during 2004, and a 7 percent increase, to $251,000, in the overall median home price (the “median” price marks the mid-point, with half the homes selling for more and half for left, and is not an average).
Prices for single-family homes rose sharpest, with the median cost of a detached house rising more than 11 percent during 2004. The median condo sold for $268,000, a 5.5 percent increase over the previous year.
The metropolitan area, including the city and more than 200 suburbs, saw a 5 percent increase in the number of properties sold and a 6.25 percent increase in the median home price.
“Chicagoland’s real estate market continues to be phenomenal,” said Darlene Little, 2005 CAR President. “The (local) market has fared better than the national average. Two thousand five should be equally promising as interest rates stay relatively low and consumer confidence, along with job growth, rises.”