Chicagoland market inching back toward pre-COVID trends

by Emily Mack

With home sales down year over year, the suburbs may be sliding back toward pre-COVID trends, according to new numbers from the Mainstreet Organization of REALTORS.

New data from Mainstreet shows that 3,507 homes sold in the Chicago suburbs in November: a 35.6% decline from the year prior. Meanwhile, the median sales price for detached homes increased just 1.6% to $325,000.

Only a few suburbs saw a decrease in prices. They were, in order: Lansing (a 19.1% decrease), Hoffman Estates (down 18.4%), Evergreen Park (down 17.4%), Burr Ridge (down15.6%), Chicago Heights (down 8.6%), Downers Grove (down 8.5%), Darien (down 6.6%) and Sauk Village (down 7.8%).

Throughout November, time on the market remained relatively the same for detached homes. They averaged 44 days on the market, up only three days from 2021. “Buyers have a little more time than they did several months ago to make an offer on a home,” Mainstreet President Debbie Pawlowicz said in a press release.

Attached homes went at a similar pace, averaging 42 days on the market, although this represented a steeper, 19.1% decline from 2021. The price increase for attached homes was also much sharper: up 8.3% year over year to $198,500.

Mainstreet CEO John Gormley commented on the changes, saying, “The affordability is there, but the market is still competitive.” He cited low inventory as the issue, although inventory did rebound 25% from last year. According to Mainstreet, there are currently two months available for the entire Chicago metro area .

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