ELGIN, IL—The metropolitan Chicago housing market continues its steady acceleration, according to an analysis of the first half of 2017 by RE/MAX Northern Illinois. Compared to the first half of 2016, home sales activity in the seven-county metro area increased 4% to 58,275 units, while the median sales price gained 6.6% to $239,900.
At the same time, the number of homes on the market at the end of June was down 10% from the year-earlier total and represented just a 2.4-month supply based on the June sales pace. The depressed inventory has encouraged buyers to snap up homes quickly.
“Average market time for homes sold during that period was 87 days, the lowest number for any first half since 2005, but in June it was just 69 days, the shortest market time for any month since we began tracking that data 13 years ago,” says Jack Kreider, executive vice president and regional director of Elgin, IL-based RE/MAX Northern Illinois. Still, he was “pleasantly surprised by the way the market has performed during the first half of this year despite the relative scarcity of listings.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
