DataMarkets & Economy

Chicagoland real estate market sees prices, sales rise in August

Re/Max housing report finds all counties in metro area experiencing yearly gains
  • 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 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...