The housing recovery is in full swing in the Chicago area. The Illinois Association of Realtors said yesterday that home prices in Chicago and surrounding metros rose 14 percent in October, while the city itself saw median home prices jump nearly 25 percent.
Market time declined 26 percent, from an average of 84 days in October 2012, to 62 days last month in the Chicago area. Within the city, it took an average of 52 days for a property to go under contract. That compared with 71 days in October 2012.
Within the city of Chicago, sales rose 7.5 percent year-over-year, to 2,231 properties. The median home price in the city was $218,500, up almost 25 percent from October 2012's $175,000.
