AgentIndustry News

Re/Max Northern Illinois says Chicago market continues upward trend

Prices increase in all seven counties in the Chicago area
  • Home prices have been rising in the seven-county metro Chicago area for 33 months.
  • Sales rose in four counties and declined in three counties year-over-year.
  • Analysts see unmet demand in the attached homes segment.

Even though the seasonal slumber in home sales is in full effect, metro Chicago home prices continue to nudge upward. This lift continues a year-over-year trend that’s made sellers and agents smile for 33 consecutive months. In the seven-county Chicago real estate market, October’s median sales price was $201,400, an 8 percent increase over October 2014. According to the number-crunchers at Re/Max Northern Illinois, that’s a whopping 44 percent above the median price of $140,000 recorded in February 2013 when the string of increases began. Median sales prices have received a boost due to the steady decline in short sales or foreclosures. Distressed sales totaled 1,747 units in October of this year, 26 percent less than a year earlier. Still, the distressed unit share constitutes a big part of the 9,057 units that moved in October. That’s 1 percent fewer closures than the total in October of 2014. Tight inventory is still an issue in Chicagoland, as in much of t...