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Chicagoland buyers are taking their time

by Emily Mack

For the first time in a year, the average time on market for detached suburban homes is up. Days on the market for those homes increased last month, hitting 37 days, according to new data from Mainstreet REALTORS®.

That’s a bump of three days year over year, and while it may not seem like a small difference, it may signal that buyers no longer feel as pressured amid continued limited inventory.

“During the pandemic and the months following, buyers got into competition mode, and we were seeing some remorse,'” said Mainstreet President Connie Vavra said in a press release. “Now, there’s still demand, but people aren’t trying to move mountains. They are adopting the mentality that if the home is meant to be, it will be.”

The suburbs where average time on market increased the most during September were, in order: Park City – Waukegan (up 182.4% year over year); Burbank (172.0%); Antioch (160.9%); Green Oaks – Libertyville (140.7); %); Geneva (138.9%); Bartlett (110.0%); Batavia (100.0%); Tinley Park (76.2%); Sycamore (60.9%); Lake Villa – Lindenhurst (52.2%); and Darien (50.0%).

At the same time, detached homes sales in the Chicago suburbs were down 7.8% year over year, with just 2,271 homes sold in September while prices were up 7.5%, hitting a median of $386,000 last month.

Similarly, time on the market rose for attached homes, hitting 30 days in September, a year-over-year increase of six days while sales were down 14.4%. with 1,078 total sales. Meanwhile, attached prices were up 11.4% from last September, $267,250.

“With interest rates coming down, we anticipate more inventory hitting the market in the last quarter of the year, as sellers who were once resistant to giving up their low interest rates are now finally considering a move,” Mainstreet CEO John Gormley concluded.

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