Chicago’s housing market rebounded last month, posting one of the strongest Octobers for home sales since before the recession.
The median October home sales price in metro Chicago was up 3 percent year-over-year to $230,850, according to a new report from Re/Max Northern Illinois. Average market time for homes sold in October was 72 days, two days less than October 2017.
October sales figures haven’t looked this rosy in 12 years, according to Jeff LaGrange, vice president of the Re/Max Northern Illinois Region.
“Looking at the October numbers in their historical context, it’s clear how relatively strong the market is today,” LaGrange said. “Overall, it’s fair to say that this October is better than any we’ve seen since 2006.”
October 2006 saw 9,044 home sales with a median price of $244,900 and an average market time of 94 days, according to Re/Max.
A total of 8,896 homes sold last month, according to the report. That’s a decrease of 0.4 percent year over year but a significant improvement over September, which saw sales drop 11 percent year over year.
The Chicago area’s home sales were again buoyed by luxury sales, with home sales of $1 million or more climbing by 14.5 percent in October versus the same time last year.
Starter home sales, meanwhile, jumped by 4 percent in October year over year, continuing the trend of luxury sales leading the market.
So far this year, 3,553 homes sold for less than $200,000, a decrease of 7 percent year over year, Re/Max reported.
“Interest rates have been rising, and the buyers most impacted by that and by rising home prices are first-timers purchasing at the low end of the price spectrum,” LaGrange said.
McHenry County posted the best October sales figures of any submarket, with its 477 sales good for an 8 percent increase over October 2017. Kane County had the biggest drop, with its 560 sales representing a 9 percent dip from the same month last year, according to Re/Max.
Home sales in the city of Chicago dropped by a modest 0.5 percent, recording 2,072 transactions in October.