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.”