2013 was a better than expected year for the Illinois housing market. Phil Chiles, president of the Illinois Association of Realtors, says all the signs point to continued growth and recovery compared to the previous year. “The overall number of sales has gone up, price, the median price has gone up, days on the market has gone down,” Chiles said. “I mean, you put all those things together, it’s just been a very good year for most areas of Illinois.”
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Year-end home sales were up 18.9 percent from 2012, and the median price rose 8 percent to $150,000. Chiles says growth may slow down in 2014 if interest rates go up higher than expected. On the plus side, he expects the number of foreclosed homes to dip to pre-recession levels by the end of the year.