Relief for homebuyers? Suburban home sales slow as prices rise

by Emily Mack

As both mortgage rates and sales prices rose, Chicagoland home sales cooled during June, according to new data from the Mainstreet Association of REALTORS®.

The median price for a detached single-family home was $380,000 in June: up 9% year over year as the number of homes sold was down 21.4%. For attached homes, the median sales price increased 11.2% year over year, to $228,000, while sales decreased 13.3%.

Suburbs which saw particularly sharp price increases for detached single-family homes were, in order: Monee (a 65.1% increase in median sale price), Flossmoor (36.6%), Dolton (35.0%), Inverness (27.3%), Elmwood Park (25.3 %), Sycamore (24.9%), Elmhurst (24.6%), Park Forest (22.8%), Wheaton (22.7%), Keeneyville – Roselle (22.0%), Oswego (20.7%), Aurora (19.3%), Vernon Hills (17.8%), Lisle (17.1%), Villa Park (16.8%), Oak Brook (16.3%), Mt. Prospect (16.2%), Westmont (15.9%) and Hinsdale (15.6%).

But inventory is still moving quickly. The average number of days on the market for a detached home in the suburbs was 23 days in June, down eight days from the year prior.

“Despite an inventory shortage, the market is headed toward a soft landing,” Mainstreet President John LeTourneau said in a press release. “Since there’s some market disruption, the timing could also be just right for sellers who can make a sale, while also taking advantage of a bit of a buyer’s market now, too.”

Mainstreet CEO John Gormley agrees. “The market is slowly coming into balance, which is a good thing for buyers,” he said, but noted that they will still need to contend with mortgage interest rate increases.

The statistics from Mainstreet are also visualized here.

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