Suburban homes appreciate in value over last year
The median sale price of an attached home in Chicago area rose 11.2% from September 2020 to September 2021, according to statistics released this week by the Mainstreet Organization of Realtors.
Attached homes showed particular growth in median sales price in the following suburbs: Arlington Heights (14.1% increase in median sales price); Bloomingdale (28.5%); Carol Stream (53.1%); Downers Grove (31.9%); Naperville (16.1%); Round Lake (21.1%); Schaumburg (14.6%); Streamwood (28.3%); and Vernon Hills (19.5%).
While attached home sales were down 2.9% over the same period, attached home contracts were up 5.1%.
Inventory remains constrained, with far fewer attached and detached homes on the market than at this time last year. This market has caused both attached and detached homes to see price appreciation over last September, but only attached homes saw an increase in contracts this month, the organization said.
"We're seeing a strong desire for attached housing," said John LeTourneau, president of Mainstreet's board of directors. "People want the simplicity of a homeowners association handling things like lawn care and building maintenance."
In both attached and detached housing, ramifications from the coronavirus pandemic remain clear in buyer preferences.
"There's been a definite shift away from open-concept floor plans in terms of what buyers are seeking," LeTourneau said. "A higher bedroom count is more appealing than before because people are working at home, and so we're seeing even couples with one child or no children looking for homes with three or four bedrooms."
With inventory as it is, buyers and sellers both need to prepare for possible complications in the process, because sales are often contingent on the seller lining up their next home.
"Most buyers and sellers will only navigate this process a handful of times in their lives, and it can be confusing," Mainstreet CEO John Gormley said. "But Mainstreet Realtors handle real estate transactions every day, and can help you prepare for any hurdles you may face."