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Baby boomers are hitting the suburbs — hard

by Emily Mack

Chicago’s suburban market is still frenzied, according to the Mainstreet Organization of REALTORS®. Although home sales dropped 18.3% year over year to 2,432 sales in March, and time on the market was up 16.7%, Mainstreet officials say open houses are packed, homes are going for over asking — and multiple offers are coming in.

“The data suggests a longer time on market,” Mainstreet CEO John Gormley said in a recent press release. “But in some areas, time on market is still in the single digits.”

And baby boomers are driving much of the action.

According to the National Association of REALTORS®’ latest Generational Trends Report, baby boomers’ share of the market surged, surpassing millennials, to make up 39% of homebuyers. That’s more than any other age group and a 29% increase from last year.

“It is absolutely a case of millennials versus baby boomers,” Mainstreet President Debbie Pawlowicz said. “I’m seeing this everywhere … Although boomers have the edge because they typically have decades of investing equity into their homes.” Amid the competition, Pawlowicz added that millennials “need to bring their A-game” to attain their dream home.

Across the Chicago suburbs in March, the median sale price of detached homes rose 0.6% year over year to $339,900. And, like Gormley said, although the average number of days on the market increased last month, several areas saw sharp decreases during that time.

Those areas were, in order: Niles (down 55.9%), Brookfield (49%), Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (39.6%), Hinsdale (41.8%), Orland Park (36.8%), Western Springs (32.5%), Hanover Park (21.5%), Lake Villa-Lindenhurst (29.2%), Elmwood Park (21.4%), Mundelein (13.3%), Antioch (12.9%), Markham (11.3%) and Green Oaks-Libertyville (7.7%).

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