The number of single-family homes sold in Chicago’s suburbs dropped nearly 20% from June 2023 to June of this year, Mainstreet Organization of REALTORS® reported. 

There were 3,360 detached homes that sold last June and only 2,735 detached homes that sold during the same month this year.

The drop is the result of inventory and affordability issues that continue to hamper the real estate industry both locally and nationwide. 

“Four years ago, there were nearly 200,000 new single-family homes listed in Chicago and the surrounding suburbs, and last month that number was down 35% to just over 130,000,” Tim Ryan, president of Mainstreet REALTORS®, said in a news release. “While there is some cool off in home sales because people are waiting until interest rates come down, what we’re seeing in Illinois is a slowdown because of the inventory crunch.” 

The median sale price was $385,000 last June, and this June it was $425,000, a 10.4% increase.

“For well positioned homes, this is a sellers’ market,” said John Gormley, CEO of Mainstreet REALTORS®. “If you’re a buyer, it’s competitive out there, but a Mainstreet Realtor can help you explore your options and put together a standout offer if you find the right home.”

The trends for attached homes was similar to the ones for detached home. The sale of attached homes was down 13.4%, from 1,467 in June 2023 to 1,270 in the same month this year, while the median sale price was up 8.4%. Last June, attached homes were selling for a median price of $251,000, while this year they sold for a median of $272,000.

Home sales in most Chicago suburbs were down, but there are some that saw increases from June 2023 to June 2024. They include: Libertyville-Green Oaks (50% increase in detached home sales); Lake Villa/Lindenhurst (41.9%); Niles (41.2%); Downers Grove (25.9%); Lemont (19.1%); Bartlett (13.9%); Montgomery (10%); Elk Grove Village (9.5%); Geneva (9.5%); Gurnee (13.3%); Hinsdale (8.8%); Carol Stream (8.3%) and Palatine (7%).