Local homebuying market slows but prices hold steady

DOWNERS GROVE - With detached home sales down and time on the market up again last month in northern Illinois, it's clear area homebuyers are beginning to feel more comfortable taking their time to make a purchase, an area Realtors group said Wednesday.

"It's still a seller's market. We're still seeing well-maintained homes move quickly and for top dollar," said Debbie Pawlowicz, president of the Mainstreet Organization of Realtors' board of directors.

The region's median sale price for a single-family home was $365,000 in May, which is exactly the same as the median sale price in May a year ago, Mainstreet said. However, the number of homes sold was down 20.8% in May 2022 as compared to the same month in 2022, and time on the market was up 44.8%, from 29 days in May 2022 to 42 days last month, The Realtor group said.

Unlike single-family homes, the median sale price for attached homes - condos and townhouses - increased over last year, up 7.7% from $221,000 in 2022 to $238,000 last month. The number of attached houses sold was down 23.9%, from 1,761 in 2022 to 1,341 in 2023. Time on market for attached homes increased from 26 days in May last year to 31 days last month.