Illinois Real Estate

The state of Illinois is known as the “Prairie State,” because it lies entirely in the Interior Plains. Diversities in geography provide several different housing types around the state. Ranch homes and farms are found in the central and southern plains sections of the state, while new developments, master-planned communities and golf course housing are steadily being constructed in metro areas across the state. In these metro markets condos and town homes are more popular, while in suburbia tree-lined streets are quite common. Many residents own vacation and investment properties around its many popular lakes, including Lake Michigan. There is a steady demand for single-family homes, condos, villas and townhouses in Illinois.

In the year 2000, there were 4.8 million single housing units in the state, which is up 8.4% from 1990. Only 628,000 of these homes were in rural areas. Homeownership is at 67.3% in Illinois and only 6% of homes are vacant at this time. The majority of homes were built after 1962. Them median value of a home is $130,000. In 2005, the total population of the “prairie state” was at 12.7 million residents of which 11 million lived in urban areas.

Illinois’ biggest city, Chicago, is home to over 2 million residents. This is one of the biggest cities in the world. Homes, sky rise apartments, and condominiums are available to both rent and buy. In the suburbs, homes had an average selling price of $316,000 in July of 2006. On average, single family homes are on the market for 80 days. Condominiums are also popular in and around the city and go for an average of $89,000. Listings are up 20% from 2005. Chicago area home prices are also up 18.6% from 2005’s average prices. Condo prices are also up 8.4% from last year. Statewide housing prices are up a little less than 12%. Recent statistics show that housing sales are up in the state about 16% from 2003 until 2004, showing an increase in buying statewide.