Sales of single-family suburban Chicago homes inched higher in September, while the amount of time they spent on the market jumped, Mainstreet REALTORS® said.
A total of 2,341 detached homes sold during the month, up 1.3% from 2,312 sales in September 2024. Days on market rose to an average of 41 days compared to 33 a year earlier, while median prices continued to rise, climbing 3.9% from $385,000 to $400,000.
“While area-wide data has remained consistent for a number of months now, hyperlocal data can paint a very different picture,” Mainstreet REALTORS® President Kinga Korpacz said. “We’ve seen [some] suburbs double their amount of inventory over the past six months, leading to more sales, while inventory levels in other suburbs stagnate or decrease. Each city is its own microcosm.”
Among the suburban communities with pronounced year-over-year gains in detached-home sales were Calumet City (100% increase), Dolton (69.2%), Montgomery (69.2%), Fox Lake (120%), Glenwood (266.7%), Matteson (45.5%), Markham (85.7%), Park Forest (25%), St. Charles (33.3%), West Chicago (38.9%), Warrenville (57.1%), Wadsworth–Old Mill Creek (50%) and Zion (53.3%).
Pending sales for detached homes were strong, with 2,683 homes under contract, up 7.3% from 2,500 homes in September 2024. The continued buyer demand suggests homebuyer interest remains resilient, particularly in suburbs where inventory has increased, Mainstreet said.
Meanwhile, the sale of attached homes in Chicagoland was even stronger, up 10.5% from 1,111 homes sold a year earlier to 1,228. Time on market remained at an average of 31 days, and prices increased 3% from $267,000 to $275,000. Pending sales of attached homes were up 1.5%, from 1,245 to 1,263.
“Buyers should target areas with higher inventory if they want a better negotiating position,” Korpacz said. “And negotiate on both price and terms, particularly when there are no competing offers.”