2005 was another record-breaking year for residential real estate sales in the City of Chicago. According to figures that I’ve gathered from the Multiple Listing Service of Northern Illinois (MLSNI), a total of 44,891 units changed ownership for a total value of (are you sitting down?) $14,589,057,950. These figures include the sale of single family homes (detached), condos, townhomes and coops (attached), Multi-unit buildings (2-4 flats), as well as vacant land.
A quick glance at the analysis shows median price increases across all property types vs. 2004. Single family home prices rose by 16.5%, condos and townhomes saw a relatively moderate price increase of 6.5%, 2-4 flats enjoyed a 14.8% surge in value, and vacant land gained 12.6%Interestingly, in 2005, the number of single family homes sold in Chicago decreased by roughly 500 units, whereas all other residential property types saw an increase in number of units sold vs. 2004.
