Chicago metro's median home price surpasses $200,000

Supply, decline in distressed sales push prices as sales activity remains consistent
  • The metro's supply of attached homes is considered low.
  • Cook County accounts for more than half of the metro's sales activity.
  • With some transactions pushed back to this month, the metro's November sales figures could be up on a month-over-month basis.

Relatively unchanged home sales activity in the seven-county Chicago metro has done little to halt median sales price growth. According to RE/MAX Northern Illinois, during October home sales volume within the metro dropped by 1 percent on a year-over-year basis. At the same time, the median sales prices of a home rose by 8 percent year-over-year to $201,400. This represents the 33rd straight month where the median sales price in the metro has been higher than the same month one year earlier.