Prices Continue to Climb in the Suburban Real Estate Market as Winter Approaches

As temperatures begin to drop, home prices continue their steady rise across DuPage, Lake and suburban Cook counties.

A slight downtrend in home inventory spurred a boost in sale price across the Mainstreet Organization of REALTORS® (MORe)'s region of 200 communities; the average sale price increased 7.2 percent to $230,424. The minor decline in sales in the suburban housing market began earlier this fall and continued into October, according to information provided by Midwest Real Estate Data, LLC to MORe. The number of single-family homes sold in October deceased slightly by 5.3 percent to 3,001 homes sold when compared to last October.

However, the year-to-date number of houses sold, the average sale price and the median sale price are all up compared to the same time last year. Homes are selling faster than last year as well. Time on the market is down 6.2 percent to 91 days.

Catherine Terpstra, president of the MORe board of directors, is pleased with the steady improvements the suburban market experienced in 2016. "The housing market is moving at a nice pace this year," she said.

Communities in MORe's region with noteworthy growth in the number of houses sold from October 2015 include Batavia (up 42.9 percent), Bloomingdale (up 54.6 percent), Dolton (up 76.5 percent), Matteson (up 37.5 percent), Maywood (up 50 percent) and South Holland (up 27.5 percent).

The number of single-family detached houses placed under contract in October increased by 7.5 percent over October last year, to 3,338 houses. Communities with an increase in the number of houses under contract include Aurora (28.6 percent), Mundelein (42.9 percent) and Oak Lawn (21.6 percent).

Looking ahead to 2017, Terpstra believes the trend of stable progress will continue. "We expect to see steady growth into the new year," she said. "Around this time of year, people tend to focus on the holidays and spending time with family but the housing market is active year-round and this can be a good time to start looking for that dream home. We encourage those looking to buy or sell in 2017 to seek a referral for a Realtor now to act as a partner through that transition."

For those looking to buy or sell a home in the coming months, Realtors suggest watching for two key housing style trends. "The mini-house and green housing movements continue to gain traction. Both younger and older homebuyers are looking to spend their money more wisely, whether on experiences and not square footage, or on ensuring their home is as energy-efficient as possible," said Terpstra.