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Chicagoland homes hit highest median sales price in years

by Timothy Inklebarger

Detached single-family home sales prices in Chicagoland hit a high of $323,000 in March, up 16.2% from a year ago when the median was at $278,000, according to a report by the Mainstreet Organization of Realtors (MORe).

“One year into the coronavirus pandemic, it’s clearer than ever that this event did not dampen the enthusiasm for homeownership at all,” MORe CEO John Gormley said in a press release. “We are seeing such a large appetite to buy, across homes of all sizes and in all conditions.”

The price for attached homes was also up in March, climbing 6.6% to $185,000 from March 2020.

Home sales also hit record numbers in March, with detached homes going under contract up 36.7% and detached up 78.3%, compared to the same time last year. 

“If you’re buying, you’re likely to find yourself in a multiple-offer situation,” MORe Board of Directors President Linda Dressler said. “Happily, there are a number of things you can do to make your offer more attractive outside of just offering more and more money.”

Sales prices for single-family homes in the suburbs were particularly strong in Addison (32.9% increase in median sale price); Alsip (20.3%); Buffalo Grove (23.2%); Calumet City (29.0%); Chicago Heights (33.1%); Dolton (30.8%); Evergreen Park (41.2%); Homewood (23.4%); Lansing (38.5%); Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (31.1%); Midlothian (24.3%); North Aurora (26.3%); Orland Park (21.1%); Park Forest (67.7%); Rolling Meadows (23.4%); Sugar Grove (22.0%); and West Chicago (29.9%).

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