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.

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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...