Business

Report: Suburban home prices up, sale times decrease

Posted May 22, 2017 1:00 am

DOWNERS GROVE - Real estate sales in Chicago's suburbs are strong this spring, according to statistics released by the Mainstreet Organization of Realtors.

The MORe report shows median home sale prices are rising while the time homes remain on the market is dropping. Median sale price of a detached single-family home rose 8.2 percent, from $245,000 in April 2016 to $265,000 in April 2017. That price increase for markets in MORe's region, which includes about 200 communities in DuPage, Lake and suburban Cook counties - came with a 9.8 percent decrease in average time on market, according to data provided by Midwest Real Estate Data LLC.

The number of detached single-family homes under contract also saw an increase of 4.2 percent over April 2016. Several suburban areas saw particularly notable drops in the amount of time detached single-family homes stay on the market.

"Spring is traditionally an active time for real estate sales, but this year stands out," said Catherine Terpstra, president of the MORe board of directors.

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