Middle Market Digest-The Midwest

BY THE NUMBERS

CHICAGO—The Chicago area housing market began 2017 much as it ended 2016, with a limited inventory contributing to a steady rise in the median sales price, according to RE/MAX. January saw 6,127 homes sales completed in the seven-county metro area, 1.8% more than the same month of 2016 and the most in January since 2006. The median sales price gained 10% to $210,000. Average market time needed to sell those homes was 99 days, eight days less than in January 2016. The inventory of homes listed for sale at the end of January was 26,636 units, 12.4% less than one year earlier. “Having the inventory down 12.4% isn’t ideal,” says Jack Kreider, executive vice president and regional director of the RE/MAX Northern Illinois network. “I’d like to see inventory at least at last year’s levels if not higher by April so we have a more balanced market.”