Chicago’s housing market stayed strong in November, with the median sales price of homes sold during the month rising 8.2% on a yearly basis and 0.7% on a monthly one, RE/MAX reported, citing data from its National Housing Report.
At the same time, days on market slid 1% annually while rising 0.3% monthly to 28 days.
“The market is roaring along, with only half the seasonal slowdown we typically see from October to November,” RE/MAX LLC President Nick Bailey said in a press release. “The small drop in prices is great news for buyers, and it could be an early sign of some balance coming back into the market.”
Among the 51 metro areas surveyed in November, closed transactions were down 4.9% from October, compared to a normal seasonal decrease of 12%. Billings, Mont., saw the greatest year-over-year decline in closed deals, with a 13% drop to 248.
Nationally, the median sales price dropped 2.9% month over month to $330,000, registering the largest monthly decline since the pandemic began. Year over year, the median price was up 11.9%. Home sellers have enjoyed annual increases in sales prices for 35 consecutive months, RE/MAX said. Phoenix saw the largest increase in median price, with a 27.2% annual jump to $425,000, followed by Salt Lake City with a 25.3% to $487,250 and Boise, Idaho, with a 24.8% climb to $475,581.
At the same time, the supply of homes for sale decline 17.7% month over month and 30.1% year over year to 1.2 months. Denver and Seattle tied for the lowest inventory, at 0.5%, followed by Albuquerque and Manchester, N.H.
Average days on market was 29, up two days from October. Raleigh-Durham, N.C., saw the greatest year-over-year drop– in days on market with a 45.9% decline to 20.
“The lack of available inventory continues to be a challenge, but 2021 has been a very strong year for home sales,” Bailey said. “That says a lot about the resiliency of the housing market and the importance of homeownership in people’s lives. With work flexibility, low interest rates, generational factors and continued high demand, we’re heading into 2022 with plenty of reasons to be optimistic.”