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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.

chi-kane (4) 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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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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