Chicagoland home prices grew significantly in November, Mainstreet reports

by Emily Mack

Home prices in Chicagoland showed strong growth last month, according to new data from the Mainstreet Organization of REALTORS®. The median sales price of detached single-family homes rose 8.5%, compared to November 2020, while the price of attached homes rose 10.3%.

Suburbs which saw the sharpest year-over-year price growth were, in order: Park Forest (a 54.4% increase), Evergreen Park (53.3%), Burr Ridge (37.3%), Antioch (34.9%), Lansing (27.3%), Hainesville-Grayslake (24.4%), Streamwood (22.0%), Rolling Meadows (21.4%), South Holland (19.3%), Crete (18.9%), Gurnee (18.8%), Homewood (17.1%), Elk Grove Village (16.3%), Zion (16.1%), Schaumburg (15.8%) and Chicago Heights (15.5%).

Although home sales generally slow during the winter months, the lack of inventory may have rejuvenated the local market. “Despite the overall low inventory, we are seeing quite a few brand-new listings go on the market,” said Mainstreet Board of Directors President-Elect Debbie Pawlowicz. “That’s not typical this time of year. The sellers are jumping in because they’re seeing eager buyers.”

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