During July 2021, single-family homes in the Chicagoland area spent substantially less time on the market than in July 2020. According to Mainstreet Organization of REALTORS® (MORe), single-family detached homes were on the market for 64.2% less time in the 2021 period. Attached homes were listed for 54.7% less time. In all, both detached and attached homes averaged just 29 days on the market during July 2021.
The time that homes spent on the market dropped across many Chicagoland suburbs. The top 10 suburbs to experience the largest decreases were, in order: Flossmoor (-92.8%), Lisle (-89.3%), Antioch (-89.1%), Ingleside (-88.6%), Wauconda (-86.4), Alsip (-85.6%), Tinley Park (-85.2%), Midlothian (-83.6%), Batavia (-81.9%) and Elk Grove Village (-81.1%). Check out a more detailed visualization of the local data here.
In turn, inventory in the region remains down. Although inventory has increased somewhat since last month, less than two months of inventory is currently available for detached homes. Three months is available for attached homes. However, a balanced market should have four to five months-worth of inventory ready, according to MORe.
Commenting on the dramatic statistics, MORe Board of Directors President Linda Dessler advised homebuyers not to get caught up in the competition. “Although homes are continuing to move quickly and at high prices, buyers should step back and take a breath,” she said. “Don’t get caught up in a panic and offer more than you are actually comfortable with. Work with a Mainstreet REALTOR to calmly approach the situation. There are homes out there that will work for you, it may just take a little extra work to find them.”
Considering the intensely competitive market, the price of homes throughout the Chicagoland area remains high. In July, the average price of a detached home rose to $345,000: a 15.4% increase from July 2020. The average price of an attached home increased 13.9% to $205,000. This is in keeping with trends charted throughout the ongoing pandemic.