Chicagoland’s suburban median price for detached homes rose 5% in May, reaching $420,000 — up from $400,000 a year ago, according to data from Mainstreet REALTORS®. Attached-home prices also increased from $265,000 to $275,000.
“There are a lot of buyers who are waiting to see if interest rates come down, inventory increases or economic conditions change, but if history is any indicator, the best time to buy is today,” said John Gormley, CEO of Mainstreet REALTORS® in a press release. “The reality is that market value continues to increase and for homeowners, their equity compounds year over year.”
Buyer demand remained strong in May, with pending sales climbing in both detached and attached home markets. Contracts for detached homes increased 4.9% year over year — from 3,084 in May 2024 to 3,234 this year. The attached market saw even greater momentum, rising 9.7% from 1,376 to 1,510 pending sales over the same period.
“These numbers indicate there is still pent up demand,” said Connie Vavra, president of Mainstreet REALTORS® in a press release. “It is still a sellers’ market, but there are early signs that the market is slowly becoming more balanced.”
Sales, however, declined year over year, likely due to continued inventory shortages, according to Mainstreet. Detached-home sales fell 4.3%, from 2,887 last year to 2,764 last month. Attached-home sales also declined 5.7%, from 1,353 last year to 1,276 last month.
“Longer time on market can be partially due to previously stagnant properties now finding buyers as more people enter the summer market. For a few years, if a home stayed on the market for more than a week, people thought there was something wrong with it, but now we need to start recalibrating our expectations,” Vavra said.
These suburbs have shown the strongest growth in detached homes under contract from May 2024 to May 2025:
- Antioch (65.6%)
- Aurora (17.9%)
- Burbank (34.8%)
- Calumet City (67.7%)
- Elmhurst (16.7%)
- Elmwood Park (35.0%)
- Gurnee (27.6%)
- Homewood (40.0%)
- Lansing (25.9%)
- Lombard (36.8%)
- Markham (66.7%)
- Maywood (15.4%)
- Naperville (11.4%)
- Oak Forest (47.8%)
- Orland Park (31.7%)
- Oswego (8.3%)
- Round Lake (15.8%)
- South Holland (26.9%)
- Streamwood (42.3%)
- Sycamore (25.0%)