Chicagoland single-family homes are still selling fast in the suburban market, moving 33.3% faster than a year ago, according to the Mainstreet Organization of Realtors.
The amount of time condos and townhomes spent on the market dropped 20.2% in February, compared to February 2020.
“We’re continuing to see incredible demand for homes in the area,” MORe CEO John Gormley said in a press release. “Unlike a usual year, buyers’ appetite has remained fairly constant through the winter all the way up to the traditional beginning of the spring market.”
Detached homes spent 78 days on the market, and attached homes were on the market an average 67 days.
Home sales were up 19.4% for detached homes to 2,392, and attached homes were up 17.9% to 1,149 in February.
“Right now, we are still seeing tight inventory in part because people are nervous to list their homes before they’ve secured new ones,” MORe Board of Directors President Linda Dressler said. “I’m hopeful that with the vaccination rollout speeding up, it will open up more supply in our area.”
Sale times dropped significantly in the following markets: Arlington Heights (42.8% decrease in average market time); Aurora (51.5%); Dolton (36.0%); Downers Grove (41.2%); Evergreen Park (53.0%); Glen Ellyn (49.4%); Green Oaks-Libertyville (44.8%); Gurnee (31.8%); Hoffman Estates (70.3%); Lake Villa-Lindenhurst (44.3%); Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (52.3%); Mt. Prospect (32.8%); Mundelein (38.1%); Naperville (49.3%); Oak Lawn (57.6%); Oswego (64.8%); Round Lake (44.6%); Schaumburg (41.6%); St. Charles (66.2%); Streamwood (50.6%); and Villa Park (68.2%).