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Housing Market Records Modest Gains

But the number of distressed sales has fallen dramatically, and the market may be stronger than it seems at first glance.

By Brian J. Rogal | Updated on December 20, 2017

In November, 8,028 homes were sold in the metro area, a 0.1% increase from the same time last year.

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.

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