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Trends are settling in Chicagoland’s spring market

by Emily Mack

The trends we’ve been noticing across Chicago’s suburban housing market were reinforced by new data from the Mainstreet Organization of REALTORS®. In February, detached home sales and median sales prices were down while time on the market was up.

A total of 1,607 detached homes were sold across Chicago’s suburbs in February, a 26.7% drop year over year, and the median sale price declined 3.2% to from $315,000 to $305,000.

The number of attached homes sold also declined 32.1% from 1,120 in February 2022 to 760 in the same month this year, though the median sale price increased 12.8% to $220,000.

The following suburbs saw some of the largest year-over-year declines in sales: Hinsdale (down 30.8%), Crete (27.7%), Western Springs (26.1%), Addison (25.6%); Homewood (20%), Orland Park (19%), LaGrange (17.9%), Arlington Heights (14.7%), Markham (14.7%) and Park Forest (14.3%).

Mainstreet President Debbie Pawlowicz offered a positive take on the data. “The market is still really hot, and consumer confidence remains high,” Pawlowicz said. “For well positioned homes, we’re still seeing multiple-offer situations.”

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