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Chicagoland home market faces familiar obstacles in February

by Sergio Valdes

Limited inventory of homes for sale and increasing home prices are trends that still dominate the Chicagoland housing market, hampering home sales, according to the February 2018 sales report from RE/MAX Northern Illinois.

February home sales activity dipped 2.2 percent to 5,668 units sold. The median sales price rose 8.2 percent from February 2017 to $229,900. The average time a home spent on the market was 101 days, down from 108 days a year earlier. The month-end inventory of listed homes was 25,520 compared with 28,088 in February 2017, a decrease of 9.1 percent.

“Despite the obstacles posed by a lack of supply, the Chicago area housing market remains quite vigorous,” said Jeff LaGrange, vice president of RE/MAX Northern Illinois. “When you remember that February was a rather snowy and cold month, the results, in my view, point to a strong spring market.”

 

Metro Chicago Home Sales

Feb. Total Sales % Change Feb. Detached Sales % Change Feb. Attached Sales % Change
Metro 5,668 -2.2% 3,496 -4.2% 2,172 1.2%
Cook 3,222 -3.5% 1,747 -4.9% 1,475 -1.9%
DuPage 655 0.5% 404 0.2% 251 0.8%
Kane 398 3.4% 300 -0.3% 98 16.7%
Kendall 121 -6.2% 87 -8.4% 34 N/A
Lake 501 1.6% 363 -4.7% 138 23.2%
McHenry 268 -6.9% 215 -5.7% 53 -11.7%
Will 503 -0.6% 380 -5.2% 123 17.1%
Chicago 1,511 0.3% 615 1.2% 896 -0.2%

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