What suburban markets in Chicagoland are seeing the greatest level of competition?
Last week, we reported on the top-selling suburbs in Chicagoland, and how the Aurora, Naperville and Joliet markets were once again at the top.
Those three communities, though, have another thing in common, beyond having many home sales – they are also among the largest communities in all of Illinois (Aurora is the state’s second-most populous city behind Chicago), and therefore, the areas, by the very nature of their size, will see many home sales each month.
So with that in mind, we took a look at Redfin analysis on inventory and days on market, hoping to find out what suburban communities – regardless of size – are currently seeing the most competitive housing markets.
Some of the main things we uncovered were:
- Buffalo Grove and Vernon Hills have the lowest level of inventory at 3.1 months.
- Wheeling has the smallest median time on market at just 26 days.
- Between both inventory levels and median time on market, four suburbs appeared in the top 10 of both lists: Cicero (3.4-months supply and 29 days on market); Wheeling (3.7 and 26); Morton Grove (3.3 and 35); and Mount Prospect (4.0 and 37).
- Interestingly, between those two top-10 lists, the communities of Aurora, Naperville and Joliet were not present.
See our graphic below for a better idea of what communities are competitive in 2015: