ELGIN, IL—The metropolitan Chicago area housing market recorded modest gains in November. Home sales rose just 0.1% from the same month last year to 8,028 units, while the median sales price gained 4.7% to $225,000, according to an analysis by RE/MAX.
The inventory of homes stayed at a depressed level. At the end of November 28,929 were on the market, 9.6% lower than the comparable 2016 figure. As a result, homes on the market were snapped up relatively quickly. Average market time for homes sold in November was 80 days, down from 88 days a year earlier.
“Given the continued decline in inventory levels, it's encouraging to see that transaction volume was basically unchanged and home values continued to rise at a gradual pace,” says Chris Calomino, spokesperson for RE/MAX Northern Illinois. “Demand for homes remains strong thanks to a growing economy, solid job creation and attractive mortgage interest rates. Although the year-over-year increase was small, 2017 November home sales were the most for that month since 2005.”
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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.
