Homes in the Chicago suburbs are spending slightly more time on the market, according to new data from Mainstreet REALTORS®.
Per the association’s recent report, the average time on market for detached suburban homes was 41 days in November, up four days year over year. In September, time on the market for those homes increased for the first time in a year. It held steady in October.
The average time on the market for attached homes increased as well during November, rising from 26 to 32 days.
However, some suburbs did see a decrease in time on the market for detached homes. In order, those were: Park Ridge (down 46%), Gurnee (down 42.7%), Oak Lawn (down 37.7%), Crete (down 37.5%), Green Oaks-Libertyville (down 36.7%), Arlington Heights (down 28.6%), Calumet City (down 21.3%), Wheaton (down 19.5%), Oak Forest (down 17.2%) and Glen Ellyn (down 13.6%).
At the same time, detached home sales were down very slightly, just 0.3% year over year, with 2,050 total sales. Attached home sales increased, however, growing 2.6% with1,064 total sales.
Meanwhile, detached sales prices rose 6.1%, hitting a median of $376,500. Attached homes were up even more, growing 8.2% year over year to reach a median of $265,000 in November.
“We’re not seeing the stampede of buyers that we were seeing at this time last year. The well-positioned homes are still moving within days, but sellers can no longer put their homes on the market with little effort and expect big results like they could before,” Mainstreet President Connie Vavra said of the numbers.
She also pointed out “increasing interest” in multi-unit buildings. “People are looking for investment properties, but they are also looking at these properties as a solution for multi-generational housing,” Vavra said.