Home sales are down and time on market is up in the Chicago suburbs. But according to the Mainstreet Organization of REALTORS®, this is only “part of the picture.”
Detached suburban home sales were down 27.4% in April, compared to the same month last year, with 3,340 homes sold. Meanwhile, average time on market was up — by a lot. Detached homes stayed on the market for an average of 53 days during April, up from 36 days last year. The median sales price was down slightly, dropping from $357,750 to $350,000.
However, attached suburban homes showed different trends. Year over year, time on the market for attached homes decreased by a single day, to 30, and the median sales price increased. The median sale price for attached homes was $230,000: up $10,000 from April 2022. Home sales declined 32.5% year over year, with 1,101 homes sold.
Officials from Mainstreet said the Chicagoland market is as competitive as ever. “I listed a home last week, and within a matter of hours we had 20 showing requests, then the seller received eight offers and accepted one that was over asking price,” Mainstreet President Debbie Pawlowicz said in a press release. “The market is still very active, I am still seeing buyers who are willing to pay top dollar, but compared to last year, they are more deliberate about what they want.”
Average time on the market increased most in the following suburbs: LaGrange (a 418.2% increase), Hoffman Estates (400%), Glen Ellyn (363.2%), Batavia (354.6%), Oak Forest (185.7%), Aurora (168.8%), Elmhurst (126.5%), Oak Lawn and St. Charles (both 114.3%), Palatine (107.7%), Des Plaines (104.4%), Naperville (90.5%), Dolton (81.5%), Buffalo Grove (73.3%); Lansing (69.1%), Woodridge (66.7%), Gurnee (57.1%), Schaumburg (50.0%) and Carol Stream (41.2%).
“For most sellers, price is more important than time on market,” Mainstreet CEO John Gormley pointed out. “Picturing a year from now, it would be great to see interest rates come down and new housing stock in the pipeline. It’s important that we partner with policymakers to ensure that we keep regulations in check so that new home construction can continue.”