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.