Raising concerns about Chicagoland's housing market? Realtors say 'not so fast'
Even as interest rates rise, Chicagoland Realtors confirm, there are still many buyers looking for their ideal home, and the overarching thought is that it is a great time for buyers and sellers.
In September 2022, the average time on market for detached single-family homes was 35 days, up 12.9% from the same time last year. Average time on market for attached homes was also up 21.4% from 28 days in September 2021 to 34 days in September 2022.
"Buyers no longer have to give away the store to purchase a home," said Debbie Pawlowicz, president for the Mainstreet Board of Directors."They don't have to rush and make an offer in one day, they can breathe and think thoughtfully about what they want to purchase."
This, while median home prices for detached homes are still up. In September 2022, the median sale price for detached homes was $339,000, up 5.9% from $320,000 in September 2021. The same goes for attached homes, where the median sale price was $216,000 in September 2022, up 7.2% from September 2021, where the median sale price was $201,450.
"While sellers might need to wait a few more days to close, they can potentially get more for their property than they would have at this same time last year, and buyers are serious. All of this is resulting in a really efficient market right now," said Mainstreet CEO, John Gormley.
Following are communities that saw notable increases in median sale price for detached homes from September 2021 to September 2022: Aurora (15.4% increase in median sale price); Bartlet (15.7%); Batavia (17.6%); Burbank (14.7%); Gurnee (12.4%); Hanover Park (15.2%); Hoffman Estates (23.9%); Lombard (12.4%); Long Grove - Lake Zurich - Hawthorn Woods - Kildeer (22.1%); Mt. Prospect (13.1%); Mundelein (26.4%); Palatine (14.4%); Sauk Village (15.0%); Steger (29.6%); Vernon Hills (16.0%); Wheaton (14.0%); Woodridge (36.7%).
"This month's market is not the same as last month's or last year's, " added Gormley. "A Mainstreet Realtor can help buyers and sellers understand the fluctuations and effectively navigate the process of buying or selling a home."