ELGIN, IL—Home sales in the seven-county metropolitan Chicago area reached an 11-year peak in 2017, with 116,081 properties changing hands, the most since 2006 but only 1.3% more than in 2016, RE/MAX reports.
The median sales price for the metro area in 2017 was $236,000, up 4.9% from the prior year and the highest annual median price since 2008 when the median was $242,000.
Inventory in the metro area has been depressed for a long time, and at the end of December was 25,012 units, a 2.6-month supply based on the average pace of sales in 2017, or 7.7% fewer units than at the end of 2016.
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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.
