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Home Sales Reach Peak, but Inventory Low

But homes that do hit the market sell quickly and at prices increasing at a sustainable pace.

chi-dupage homes (2) Sales of attached homes increased 3.2% for the year to 42,972 in the metro area, and the median sales price gained 5.9% to $199,038. Average market time for those homes was 62 days, down from 73 days in 2016.

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.

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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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