July Housing Market Update

Faster Sales, Higher Prices, Fewer Transactions Made for Mixed Picture in Metro Chicago Housing Market during July, RE/MAX Reports

A relatively skimpy inventory of homes for sale in July, especially in the attached-home segment of the seven-county metropolitan Chicago real estate market, contributed to mixed results, according to an analysis by RE/MAX. The average time required for a home sold in July to find a buyer fell to just 73 days, the lowest figure for that month since 2005 at the height of the housing boom.

Not surprisingly, faster sales also meant higher prices, with the median sales price for July in the metro area coming in at $240,000, 5 percent higher than in July of last year. However, the number of homes sold in July was 11,619, down 7 percent from the July 2015 total.