Realtors in Northern Illinois are still bullish about the market, according to a new report from the Mainstreet Organization of REALTORS® — even though January 2023 showed decreased home sales year over year.

In January, 1,456 detached suburban single-family homes sold: a 37.1% dip from the year prior. However, as sales prices declined — 0.8% to $309,000 — Mainstreet President Debbie Pawlowicz says buyers are ready to take action. “There are a lot of people preparing for the spring market,” Pawlowicz said in a press release.

The Chicagoland suburbs that saw the largest decreases in median sale price were, in order: Wauconda (down 31.5%), Zion (24.9%), Lisle (24.7%), Brookfield (23.9%), Riverside (27.3%), Elmhurst (22.4%), Darien (20.6%), Palos Heights (19.6%), Schaumburg (19.5%), Homewood (18.9%), Burbank (16.7%), Keeneyville – Roselle (13.6%), Villa Park (8.6), Des Plaines (8%), Antioch (7.3%) and Lombard (6.5%).

The median sale price increased for attached suburban homes. Mainstreet data showed a 7.2% bump year over year to $209,000. Meanwhile, attached home sales slipped 40.6% year over year to 701 during January 2023.

Overall, though, Pawlowicz stressed the issue of low inventory across the suburbs, calling it “the biggest challenge” in the current market. “There are not a lot of housing choices right now, so those that don’t have to move are holding off. There are also homeowners who don’t want to trade their 3% or below interest rates with the higher interest rates today,” Pawlowicz said.