LISLE, Ill., Jan. 08, 2021 (GLOBE NEWSWIRE) -- Midwest Real Estate Data (MRED), the largest multiple listing service (MLS) in Illinois, announced record-setting production from its subscribers in 2020.
Agents throughout MRED’s marketplace conducted more than $43 billion of business in 2020, the most since MRED was founded in 2008. This was a 14 percent increase over the previous recorded transaction volume high of $37.7 billion in 2018.
The record transaction volume came in a year marked by record median home prices, record number of sales, near-record selling times and the tightest inventories recorded since MRED’s founding.
Among the highlights from throughout MRED’s system:
- The median sales price for residential properties in MRED’s connectMLS system was $248,000 in 2020. This was the highest median sales price recorded in the last decade.
- It took 81 days on average to sell a residential listing in MRED’s database. This was the second-lowest annual number since MRED’s founding, bested only by 2018’s average of 79 days.
- For 2020, MRED had an average of 3.1 months’ supply of inventory, the lowest months’ supply recorded in more than a decade. December’s 1.8 months’ supply was the lowest monthly number recorded since MRED’s founding.
- MRED subscribers also closed on a record-high 139,000 residential listings, a four percent increase over the previous record of 133,000 set in 2017.
- For rented listings, the 42,505 units and $82 million total volume in 2020 were the second highest recorded by MRED. According to MRED data, the record for number of units rented was 42,563 in 2014 and the record for total rental volume was $83 million in 2019.
“The real estate professionals in our market proved their incredible resilience beyond a doubt in the unprecedented year of 2020,” said MRED President/CEO Rebecca Jensen. “MRED was proud to assist our subscribers in reacting to a market that faced many challenges, including a global pandemic.”
About MRED
Midwest Real Estate Data (MRED) is one of the largest multiple listing services (MLSs) in the nation, servicing much of Illinois and spanning southern Wisconsin and northwest Indiana. MRED is dedicated to serving its more than 46,000 real estate professionals from more than 7,500 offices.
As a leading MLS, MRED takes pride in offering important game-changing products and services for its subscribers. MRED’s Help Desk has been named one of the best support centers in North America in its class during each of the last 10 years, including a number one ranking in 2019 from BenchmarkPortal. MRED is a member of the Real Estate Standards Organization (RESO), MLS Grid, and is a principal with the Broker Public Portal. For more information, please visit MREDLLC.com.