Typically, home sales decrease during the holidays, but the Chicago housing market is still going strong even in the colder months!
November sales of attached and detached homes in the seven-county Chicago metro area totaled 7,500, which is a 37 percent increase from November 2011, and the median sales price of a sold home was $155,000, a 3.3 percent increase from November 2011. Homes that sold last month were on the market for an average of 136 days, a decrease from November 2011 when it took an average of 170 days to sell a home.
McHenry County is the Chicago-area county with the largest gain in home sales. A total of 369 sales took place, which is a 53 percent increase from last year! DuPage County experienced a 51 percent increase in sales and Cook County experienced a 32 percent increase. Home sales in the city of Chicago rose 22 percent.
Low mortgage rates combined with low home inventories are leading to a “buyer’s market” that is keeping home sales strong. Many savvy homebuyers are choosing to take advantage of low mortgage rates before year’s end, plus many builders offer end of year savings, which can increase the affordability of new homes in Chicago.