During every month of 2024, time on market for detached homes in the Chicagoland suburbs decreased. The trend continued in August, according to new data from the Mainstreet Organization of REALTORS®, as days on the market dropped by two, year over year, to 30 days.
Meanwhile, sale prices increased for the 15th month in a row, hitting a median of $403,000 in August, a 7.5% increase year over year. However, detached suburban home sales were down, falling 8.7% from 2023 with 2,741 homes sold last month.
The suburbs with the largest decrease in home sales during August 2023 were, in order: Chicago Heights (down 65.7% year over year); Dolton (down 48.5%); Round Lake (down 51%); Lombard (down 40.7%); Mundelein (down 40%); Elmhurst (down 35.4%); Wheaton (down 35.3%); North Aurora (down 35%); Green Oaks-Libertyville (down 34.2%); Bartlett and Palatine (both down 31.4%); Schaumburg (down 27%); Park Forest (down 25%); Arlington Heights (down 21.7%); Downers Grove (down 16.9%); and Des Plaines (down 16.7%).
For attached suburban homes, the overall sales dip was much less significant. Attached home sales dropped just 0.6% year over year last month, with 1,374. At the time, the median sales price was up 6%, hitting $265,000. Attached also moved a bit more slowly than detached ones in August, with average days on the market growing 10.7% year over year to 31 days.
“Since the start of the year, prices have continued to show increases when compared to the same months last year and well-positioned homes are moving at lightspeed,” Mainstreet President Tim Ryan said of the data. “Looking forward, the challenges for buyers aren’t slowing down. If rates ease, as expected, the purchasing demand will only go up, and we’ll have even less homes available in the market.”
Mainstreet CEO John Gormley also offered his predictions. “While we’re approaching what is traditionally a season of change for residential real estate, we expect the market prices to continue to increase until the root cause of the issue — lack of inventory — is addressed.”