Chicagoland home prices rising, Mainstreet reports

by Emily Mack

The price for attached homes is on the rise. According to new statistics from the Mainstreet Organization of REALTORS®, the median sale price for an attached home in the Chicagoland area has risen 11.2% since September 2020.

In general, there are far fewer homes for sale now than at this time last year — both attached and detached. And that low inventory has spiked prices across the market. However, only attached homes saw an increase in the number of contracts this month: a growth of 5.1% since September 2020. Sales of attached homes, though, were down 2.9%.

Commenting on this trend, Mainstreet Board of Directors President John LeTourneau said, “We’re seeing a strong desire for attached housing. People want the simplicity of a homeowners’ association handling things like lawn care and building maintenance.” And that desire has risen, in no small part, due to the pandemic.

“There’s been a definite shift away from open-concept floor plans in terms of what buyers are seeking,” LeTourneau explained. “A higher bedroom count is more appealing than before because people are working at home, and so we’re seeing even couples with one child or no children looking for homes with three or four bedrooms.”

In particular, the median price of attached homes rose in Carol Stream (a 53.1% increase), Downers Grove (31.9%), Bloomingdale (28.5%), Streamwood (28.3%), Round Lake (21.1%), Vernon Hills (19.5%), Oswego (18.5%), Palos Hills (16.9%), Orland Park (16.6%), Naperville (16.1%), Schaumburg (14.6%) and Arlington Heights (a 14.1%).

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