There are new reasons for optimism in the Chicagoland real estate market, according to the latest data from the Mainstreet Organization of REALTORS.

Homes under contract in the Chicago suburbs were up 2.5% in February compared to the same month last year. Time on market decreased year over year, from 66 days last year to 56 days this year, while the median detached home price increased from $304,900 to $345,000. 

New construction sales also increased in the Chicagoland PMSA, which includes Chicago and the surrounding suburbs. The sale of new construction homes was up 23.9% from February 2023, when 293 new construction homes sold, to last month when 363 new construction homes sold, Mainstreet reported.

“Despite the fact Chicagoland can be more challenging for new construction — based on a combination of long, cold winters, an unfavorable political climate and high-cost of development — many buyers, feeling the inventory crunch, are seeking new homes as an alternative,” said Tim Ryan, president for the Mainstreet Board of Directors.

The following suburbs, listed alphabetically, saw an increase in homes under contract from February 2023 to February 2024: Bartlett (92.9% increase in detached homes under contract); Buffalo Grove (55.0%); Burbank (23.8%); Calumet City (12.9%); Carol Stream (23.5%); Chicago Heights (12.0%); Country Club Hills (75.0%); Crete (33.3%); Dolton (9.7%); Hoffman Estates (18.5%); Lake Villa-Lindenhurst (8%); Lansing (115.4%); Markham (38.9%); Matteson (58.8%); Maywood (53.9%); Midlothian (53.9%); Mount Prospect (28.6%); Mundelein (26.1%); Park Forest (6.3%); South Holland (36.0%); St. Charles (50.0%); Streamwood (15.8%); Tinley Park (48.0%) and Zion (38.1%).