Chicago-area home sales climbed dramatically in November, according to the latest data from the Illinois Association of REALTORS®.
The Chicagoland nine-county market had just under 7,000 sales in the month, up 16 percent from the year earlier. Median sale price rose to $215,000, a 10.3 percent increase from the previous year.
Inventory meanwhile, continued to decline. The area's inventory was down 17.5 percent from the previous year.
Urban Real Estate Partner Matt Silver, also president of the Chicago Association of REALTORS®, had a few thoughts on the numbers.
“The sharp uptick in both single family and condo home sales reflects consumers’ desire to enter the homeownership marketplace as opportunities present themselves, with the anticipated rise in rates and declining inventory boosting activity,” he said.
Read more at Chicago Agent Magazine here.