investorsThe number of homes sold in November were down and the median price was up in both Chicago and throughout Illinois in November, according to the latest report from the Illinois Association of Realtors.

In the nine-county Chicago metropolitan area, there were 7,090 homes sold in November. That’s down 8.8 percent from November 2013 when 7,777 homes were sold. However, the median price of a home in Chicagoland continues to rise. Last month, the median price $182,000—up 7.1 percent from $169,900 in November 2013.

An official for the Illinois Association of Realtors expects home prices to continue to rise in Chicago and throughout Illinois in 2015. That trend would continue the strong growth seen this year.

“Sellers continue to see strong price gains as we move toward closing out 2014,” said Jim Kinney, president of the Illinois Association of Realtors. “The year has seen a significant rebound in the real estate market, and the numbers whit month provide optimism that price gains will continue into the next year.”
Statewide, the median price of a home was $155,000, up 6.9% from the November 2013 median of $145,000. However, less optimistic news is the fact home sales were down 9.5% throughout the state. There were 9,915 homes that changed hand November, down 10,950 in November 2013.

A director at the University of Ilinois noted the particularly bad weather in Illinois last month played a role in the downturn in statewide home sales. However, it’s a trend that also could continue for into 2015. Here’s what Geoffrey J.D Hewings told the Rock River Times.

“Illinois’ fourth-coldest November on record had a negative effect on housing sales. While prices continue to improve, the sales forecast for the next three months indicates declines on a monthly and annual basis.”

So it appears the Chicago housing market is going to stay much as it is as we ring in the New Year—on solid but not spectacular footing.