Though interest rates are on the rise, new data from the Mainstreet Organization of REALTORS® indicates that, although homes are staying on the market longer, buyers are still shopping.

In September 2022, the average time on the market for a suburban detached home was 35 days: a 12.9% bump from last year. Meanwhile, attached homes were on the market for an average 28 days, a 21.4% increase year over year.

This is not surprising, considering that home prices are still high. In September 2022, the median sale price for a suburban detached home was $339,000: a 5.9% increase, year over year. And for an attached home, the median price was up 7.2% year over year, to $216,000.

The suburbs which saw the sharpest year-over-year price increases during September were, in order: Woodridge (a 36.7% increase), Steger (29.6%), Mundelein (26.4%), Hoffman Estates (23.9%), Long Grove – Lake Zurick – Hawthorn Woods – Kildeer (22.1%), Batavia (17.6%), Vernon Hills (16.0%), Bartlet (15.7%), Aurora (15.4%), Hanover Park (15.2%), Sauk Village (15.0%), Burbank (14.7%), Palatine (14.4%), Wheaton (14.0%), Mt. Prospect (13.1%) and Gurnee and Lombard (both 12.4%).

Speaking in a recent press release, though, the officials at Mainstreet welcomed these numbers. “Buyers no longer have to give away the store to purchase a home,” said Mainstreet President Debbie Pawlowicz. “They don’t have to rush and make an offer in one day, they can breathe and think thoughtfully about what they want to purchase.”

Mainstreet CEO John Gormley also emphasized the fact that, although sellers may need to wait longer to close, they can potentially earn more than they would have last year. “Buyers are serious,” he said. “All of this is resulting in a really efficient market right now.”