As the national real estate market balances out, Chicagoland homes continue to appreciate, according to new data from the Mainstreet Organization of REALTORS®. Other trends are also holding steady.

Median detached home prices in the Chicago suburbs were up 7.1% year over year in August 2023, rising to $375,000. Meanwhile, the number of detached homes sold was down 17.4% year over year with 2,970 homes sold in August 2023. Time on market was also up three days.

Revealing similar patterns, prices for attached homes in the Chicago suburbs rose 13.9% year over year to $250,500 in August 2023, a 13.9% bump year over year, as sales slipped 19.7% to 1,366 homes sold. And, same as detached homes, time on market was up three days.

“While we analyze the data each month looking to see something drastic, the reality is that in Chicagoland we don’t have major shifts, and that’s why we love this market so much,” Mainstreet Past President Debbie Pawlowicz said in a press release. “Our economy is diverse and healthy, leading to a more steady, reliable real estate market.”

Mainstreet CEO John Gormley also highlighted another pattern. “The one notable trend we are seeing more recently is homebuyers expanding their search parameters to include more communities,” he said.

Indeed, detached sales did rise in certain suburbs. They were, in order: Calumet City (a 63.2% increase), Park Forest (53.9%), Green Oaks – Libertyville (48.2%), Lemont (38.9%), Chicago Heights (17.2%), Vernon Hills (15.8%), Palatine (11.6%), and Mundelein (7.1%).