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Housing Prices Gain, but Inventory Continues Sagging

But of the homes that do hit the market, most sell fast and prices have increased.

chi-dupage homes (2) Homes in DuPage County, such as this attached dwelling in Wheaton, saw the biggest October gains.

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.

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Brian J. Rogal

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.

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