The price to buy a home in the Chicago area jumped nearly 8 percent last month, according to a report.
The Illinois Association of Realtors analyzed sales in the nine counties that create the Chicago Primary Metropolitan Statistical Area, according to the report. The PMSA includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties.
The survey compared single family home and condominium prices in the Chicago PMSA from November 2014 to November of this year. The median price for a home increased from $181,690 to $196,000, a 7.9 percent jump, according to the report.
The IAR also found that sales of single family homes and condominiums in the Chicago PMSA dropped during the month of November. This year, 6,836 homes were sold in the area compared to the 7,115 homes sold in the same month in 2014, according to the IAR.
A big portion of the drop in home sales can be credited to the falling sales of foreclosed properties, according to the report.
Within the city of Chicago, the median price of a home also trickled upwards by 2.2 percent in November 2015 compared to November of 2014, the IAR reported. The price for a home in Chicago currently averages $235,000.
The time it took sell a home dropped last month statewide, the IAR reported. It took approximately 67 days to sell a home in Illinois. In November of 2014, it took an average of 74 days to sell a home.