The number of detached homes sold in Chicagoland suburbs decreased in 2024, while prices continued to climb, according to new data from the Mainstreet REALTORS®. However, attached home sales rose.
Last year, 28,194 detached homes sold in the Chicagoland suburbs, a 2.5% decrease year over year. Meanwhile, the median sale price for those homes rose 9.1%, reaching $385,000.
The suburbs where median sales prices for detached homes increased the most during 2024 were, in order: Zion (up 21.9%); Lemont (up 21.8%); Harvey (up 17.0%); Hinsdale and West Chicago (both up 15.6%); Elmhurst (up 15.2%); Flossmoor and Markham (both up 14.6%); Villa Park (up 12.0%); Tinley Park (up 10.0%); LaGrange (up 10.7%); and Geneva (up 10.1%).
At the same time, attached homes experienced sales growth. During 2024,13,867 attached homes sold: a 1.8% increase. Median prices for those homes also rose by 9.5%, hitting $260,500.
Reflecting on changes throughout the year, Mainstreet President Connie Vavra pointed that now, after the National Association of REALTORS’® new rules went into effect, shoppers working with agents must enter into a formal agreement before touring any home.
“This brings a lot more formality to the agent-client relationship much earlier in the process. This can feel like a big step for people just entering the homebuying process.” Additionally, she pointed out, offers of compensation are no longer listed on the MLS.
“These changes will ultimately bring more transparency to residential real estate transactions, but because they are so new, they are still confusing for many consumers,” Vavra said.
Zooming into December 2024, specifically, detached sales were up 9.4% year over year with 2,123 homes sold. Their average time on the market increased by three days, to 46, and the median sales price increased 11.9%, reaching $375,000.
Attached home sales were up last month too, by 8.5%, with 1,034. Their average time on the market increased by six days, to 39, and the median sales prices increased 9.4% to $257,000.
Looking ahead, Mainstreet CEO John Gormley said, “We’re hearing from Mainstreet’s Realtor members an expectation that there will be more inventory in 2025, which may also result in decreased prices.”