Chicago-area home sales soared in March, and home values continued to advance as the residential real estate market closed the first quarter of 2017 on an extremely positive note.
March home sales in the seven-county metropolitan area were 14.8 percent higher than during March 2016, with 9,556 units changing hands and the median sales price gaining 10.4 percent to $234,000. As a result, home sales activity in the first quarter totaled 21,584 units, 5.6 percent higher than last year despite declining slightly in the January/February period.
Homes sold during March spent an average of 100 days on the market before going under contract, 10 days less than the prior March. For the entire quarter, average market time was 102 days, eight days faster than the same quarter last year.
Chicago's fast-paced market far exceeds the national housing averages (see numbers below), so buyers will need the expertise of RE/MAX agents, the strongest in the market, to help them get into the right home quickly with a low supply of homes available.
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| RE/MAX April National Housing Report |
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