The suburban housing market is slowing at a steady pace. According to new data from Mainstreet Organization of REALTORS®, during August 2022, the number of homes sold trended downward — again — while time on market increased.
Across the Chicago suburbs, both detached and attached homes sales declined year over year in August: 23.4% and 18.9%, respectively. However, the time that attached homes spent on the market decreased 16.7% while the time for detached homes increased 14.8%.
The suburbs where detached homes saw the sharpest increase in time on market were, in order: Lisle (an 806.5% increase), Brookfield (200%), Park Forest (189.5%), North Aurora (175%), West Chicago (163.6%), Oswego and Dalton (both 161.5 %), Homewood (123.1%), Midlothian (100.0%), Lake Villa – Lindenhurst (85.7%), Oak Lawn (73.7%), Addison (70.6%), Orland Park (70.4%), Wauconda (64.3%), Matteson (63.0%), Glen Ellyn (61.8%), Elmwood Park (58.5%), Crete (54.2%) and Lansing (40%).
The median prices for detached homes also rose modestly, year over year, to $350,000: a 4.8% increase. The price increase for attached homes was more dramatic, 11.1%, up to $220,000.
“We are seeing market times for detached homes extend month over –month, and we’re also seeing more pricing volatility,” Mainstreet CEO John Gormley said of the data. “Today’s buyers and sellers can’t expect yesterday’s market. While median home price increased in August 2022 compared to the same time last year, prices are realistically going to start coming down, given the realities of the market.”
Speaking in the same press release, John LeTourneau, immediate past president of the Mainstreet Board of Directors, predicted that the market will stabilize throughout the rest of 2022. “I think there will still be positive growth by the end of the year, it may just not be as aggressive as we saw last year,” he said. “We’re likely headed into relatively neutral ground next year.”