Chicago Home Sales Up 40.6% And Median Prices Up 0.8%

April 24, 2009

Commercial

Chicago's Famous and Highly Recognizable Marina Towers

Chicago's Famous and Highly Recognizable Marina Towers

The Illinois Association of Realtors is reporting that March home sales in Chicago were up 40.6% over February. February 2009 saw 840 transactions and there were 1,181 in March. However, year-on-year the numbers are way down, with a drop of 42.2% (down from 2,044 in March of 2008).

Chicago’s prices are proving to be sticky?the median price in March was $220,000, which is an increase of 0.8% over the median price of $218,125 for February 2009. However, once again the year-on-year numbers are far more grim: prices are down 26.9% when compared to the median price of $300,980 seen in March of 2008.

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About Rod Holmes

Rod has been a broker working in Chicago since 2004. He has worked with developers, buyers, sellers, and as well as managing offices. He is currently a partner in Chicago Style SEO working primarily with real estate firms to improve their Internet marketing. Rod lived for nearly ten years in Japan where he owned a corporate training and executive coaching firm with clients including Hitachi and 3M Japan. He lives in Lakeview with his wife and two children. He enjoys coaching and watching his kids participate in sports, cycling, camping, and traveling in general. You can find Rod online on Twitter at @roddesu, Facebook and LinkedIn.

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2 Responses to “Chicago Home Sales Up 40.6% And Median Prices Up 0.8%”

  1. Paul Vranas Says:

    Does median price really tell us anything about the value of homes?

    I know that median price is often quoted, especially with those big maps at the end of the Tribune’s RE section, but that doesn’t mean that it is correct.

    Interested in your thoughts…
    -Paul

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