ELGIN, IL—The metro Chicago residential real estate market shook off the constraints posed by a dwindling inventory of homes for sale to post modest gains in October, RE/MAX reports. Compared to the same month last year, sales rose 2.7% to 8,931 units in the seven-county metro area, and the median sales price gained 2.3% to $224,000 despite a 9.2% decline in properties listed for sale.

The average time a home sold in October spent on the market before finding a buyer fell to 74 days from 83 days one year earlier. It is the shortest average market time for October since RE/MAX began tracking that data in 2005.

“The lack of inventory continues holding back sales, but demand for homes remains strong; that is especially true in the attached segment of the market,” says Chris Calomino, spokesperson for RE/MAX Northern Illinois. “Last year, attached homes accounted for 35.5% of October sales. This year they were 37.1% of the total. But whether a home is attached or detached, we're hearing from our brokers that properties in good condition and reasonably priced are selling quite quickly. We expect an active market right through the holiday season and into 2018.”