Detached single-family homes listed in the Chicago area are selling faster than ever, spending an unprecedented average of 53 days on the market in April, according to a report from the Mainstreet Organization of Realtors (MORe).
That’s 42.4% faster than April 2020, according to the report. Prior to the pandemic, homes typically spent about 90 days on the market in April before selling.
Home sales are also leveling out to numbers seen in 2019 and 2018 but up 85% from this time last year.
“These numbers, sandwiching on either side of the pandemic year, show that we’re in a pretty normal market in terms of homes under contract,” MORe Board of Directors President Linda Dressler said in a press release. “However, the average time on market is much lower than in spring 2019 or 2018, showing homebuyers are wasting no time in making offers on homes that are priced right for condition and location.”
MORe CEO John Gormley said in a statement that he anticipates an increase in supply later this fall, which will help balance the market.
“Experience is the key to navigating the active market right now,” Dressler added. “Having a Mainstreet REALTOR® support you through the process will help you take the steps you need to ready your home for sale and make sure you’re identifying quality offers once they start coming in.”
The report noted suburbs that experienced a spike in homes selling faster in April: Antioch (70.4% decrease in average time on market); Aurora (down 64.0%); Bartlett (down 63.2%); Batavia (down 68.0%); Buffalo Grove (down 75.5%); Darien (down 84.6%); Elk Grove Village (down 81.6%); Evergreen Park (down 81.6%); Geneva (down 65.3%); Glendale Heights (down 81.7%); Gurnee ( down 78.4%); Hoffman Estates (down 68.8%); LaGrange Park (down 60.8%); Lake Villa-Lindenhurst (down 70.9%); Lansing (down 63.4%); Mt. Prospect (down 79.1%); Oswego (down 61.8%); St. Charles (down 62.0%); Streamwood (down 65.4%); Vernon Hills (down 77.6%); Western Springs (down 71.3%); Wheaton (down 55.8%); Woodridge (down 71.2%); and Zion (down 65.7%)