Detached suburban home prices are mostly stable, but sales remain down and time on the market is increasing, indicating that Chicagoland homebuyers are taking their time. New data from the Mainstreet Organization of REALTORS® illustrates the trend.

During May, the median sales price for detached suburban homes was $365,000 — the same as May 2022. Many towns saw substantial median price decreases, including Stone Park (down 45.7%), Calumet Park (32%), Summit (31.4%), Country Club Hills (19.6%), Niles (19.4%), Villa Park (18.6%), Bloomingdale (16.7%), Willow Springs (16.5%), Glen Ellyn (15.8%), Merrionette Park (15.2%), Lisle (14.3%); Bensenville and Fox Lake (both down 13.7%) and Northlake (13.5%).

Meanwhile, detached home sales were down 20.8% year over year and time on the market was up 44.8%. It took 42 days to sell a home, on average, in the Chicago suburbs: up 13 days from the year prior.

Attached homes showed similar trends. In the suburbs, the number of attached homes sold was down 23.9% year over year, slipping to 1,341. Time on the market also increased from 26 to 31 days. However, unlike detached homes, the median sale prices increased. The median sales for an attached homes rose 7.7% year over year, reaching $238,000 in May.

Mainstreet President Debbie Pawlowicz acknowledged the shifting pattern for homebuyers in the suburbs. “Buyers seem to be adopting a different mindset than we saw during last year’s crazy spring market, when people were buying anything they could get their hands on,” she said in a press release. “They are definitely becoming a bit more selective again as the market continues to trend in this direction.”

Mainstreet CEO John Gormley said that while the trends are “consistent with what we’ve been seeing all year … It’s still unclear whether we’re entering into a pre-pandemic market, or whether this unprecedented, unpredictable market is simply our new normal.”

He cited higher interest rates as a reason for buyers to “be more intentional.”