In November 2012 in the city of Chicago the average price of a home was $180,000 while statewide the median price was $135,000. According to the Illinois Association of REALTORS® the city of Chicago saw the average price increase to $200,000 in November 2013 while statewide the increase was $145,000. They reported today a slight dip in homes sales statewide for November 2013 mostly due to the fact that there were less homes on the market then compared to 2012. The city of Chicago saw a slight increase in sales, 1,800 compared to 1,798 in 2012.
According to the Freddie Mac, 2012 saw a 30 year fixed rate mortgage average 3.37%, as of December 19, 2013 the 30 year fixed-rate mortgage stands at 4.47%. While the average 15 year fixed rate mortgage today is 3.51% compared to last year at this time of 2.65%. They also noted that although the economy is expanding at a modest pace and interest rates are rising the unemployment rate still remains elevated.
In Illinois potential homeowners in 2014 will have to meet the challenge of increased home prices as well as increased mortgage rates. Although unemployment rates fell slightly to 8.7% from 8.9% due to the 10,300 private-sector jobs that was added in November, the state still needs to see more job gains and income growth in order to see existing home-owner and potential home-owners keeping or buying homes in Illinois.