Home Prices Climb; Market Stabilizes in 2014

CHICAGO—Throughout the past year, Illinois home prices continued to recover with median prices showing year-over-year gains every month. December marked the 28th consecutive month of gains. Home sales were modestly lower in 2014 than in 2013, but officials from the Illinois Association of REALTORS® say this pointed toward a stabilizing market.

“This year marks what appears to be a turning point for the Illinois housing market,” says Jim Kinney, president of the state association and vice president for luxury home sales at Baird & Warner in Chicago. “We saw strong and sustained median price gains and sales volumes remained healthy throughout the year. The showing we had in 2014 sets the housing market up nicely for a strong start to 2015.”