The Chicago real estate market is cooling with the weather, but it’s still headed in a positive direction. According to the August Re/Max report using MRED data, home sales in the entire metro area have chilled since July by 7 percent, but are up 8 percent from August 2015.

  • Home sales in the seven-county Chicagoland area sales increased 8 percent year-over-year but dipped 7 percent month-over-month.
  • Distressed properties – foreclosures and short sales – decreased from 20.4 percent in August 2014 to 12.2 percent this year.
  • The median sales price in August was reported at $231,806 in the Chicago metro area, a 5 percent gain year-over-year.
Glencoe, Illinois/Flickr user Teemu008

Glencoe, Illinois/Flickr user Teemu008

The Chicago real estate market is cooling with the weather, but it’s still headed in a positive direction. According to the August Re/Max report using MRED data, home sales in the entire metro area have chilled since July by 7 percent, but are up 8 percent from August 2015.

While the area is still weeding out distressed home sales, there’s a sliver of light, the report shows. In August, the median sales price reached $231,806, which is a 5 percent increase over the same month last year. In the seven-county Chicagoland area, there was a total of 11,802 units sold.

In all seven of the Chicago metro counties — Will, Cook, DuPage, Kendall, Lake, Kane and McHenry — home sales rose in August compared with the previous year. The biggest uptick was reported in McHenry County, where sales increased 21 percent.

Cook County saw a 7 percent gain in home sales, and the city of Chicago itself saw a 4 percent rise in sales. Home sales increased 12 percent in Kane County, 11 percent in DuPage County, 9 percent in Lake County, 4 percent in Kendall County and 2 percent in Will County.

McHenry County also had the biggest annual median sales price gain in the area, at 16 percent. Cook County median sales price rose 3 percent, to $235,000. Will County saw an increase in price of 13 percent, Kendal County saw a 12 percent rise, DuPage and Kane counties each grew 5 percent, and prices dipped 1 percent in Lake County.

Since July, the average days on market increased three days in the metro, to 76 days total in August. Looking at the big picture, August 2016 was the fastest moving market since 2005, according to the report.

“The increase in home sales was particularly encouraging in light of the fact that a relative shortage of inventory continues to be an issue for the Chicago area housing market,” Jack Kreider, executive vice president and regional director of Re/Max Northern Illinois, said in a statement. “The inventory of homes for sale was 10 percent lower at the end of August than it had been a year earlier. That limited inventory certainly helps explain why homes are selling so quickly right now.”

Distressed sales, including both foreclosed properties and short sales, was at 12.2 percent of the total housing stock in the Chicago-area in August, Re/Max says. Two years ago, these homes took up 20.4 percent of the total inventory in the market.

Email Kimberly Manning

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×