Home sales fall, but value remains strong
DOWNERS GROVE -- Sales of detached single family homes in Chicago area fell 14.2 percent in April 2020 compared to April 2019, according to statistics released today by the Mainstreet Organization of Realtors (MORe).
Attached home sales dropped 25.8 percent over the same period.
The decreases were a result of the coronavirus pandemic and resulting shutdown. Home contracts were also down, 35.2 percent for detached homes and 45.6% for attached homes.
However, home values remained strong, with prices increasing 6.6 percent across the Chicago region for both detached and attached homes.
"Unlike 2008, this economic downturn is not directly tied to home values," MORe CEO John Gormley said. "While people who can put off a move right now are choosing to do so, houses in our area are maintaining or even gaining in value. Ultimately, when it is safer to do so, market activity will pick back up."
Suburbs with strong price increases over last April included Elk Grove Village (11.4% increase in median sales price); Hanover Park (16.7%); Palatine (15.6%); Round Lake (18.1%); Villa Park (26.2%); West Chicago (16.0%); Wheaton (15.8%); and Woodridge (20.7%).