Strong home sales continued through November

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Updated 12/23/2020 8:59 AM

This year's strong housing market continued in November, with 33.5% more detached single-family homes sold in Chicagoland than during the same month last year, according to statistics released today by the Mainstreet Organization of REALTORS (MORe). Attached home sales showed even greater growth, with sales up 37.8%.

November contracts indicate that the market shows no signs of slowing, with 38.9% more detached homes and 36.4% more attached homes going under contract than in November 2019.

 

"These numbers show how effectively Mainstreet REALTORS have adapted to the pandemic," MORe CEO John Gormley said. "Consumer confidence is high, people are comfortable with the safety precautions we've put in place, and the essential economic activity of homebuying and homeselling has been able to thrive."

As high demand and low inventory continued to impact the Chicago area market, homes sold faster than during the same period last year. The average market time for homes sold in November 2020 was only 60 days for detached homes, down from 88 the previous year. For attached homes, time on market was down to 53 days from 61. Both detached and attached homes saw gains in median sales price as well.

"With inventory still tight, the time homes are spending on the market has the potential to get even shorter," MORe Board of Directors President Linda Dressler said. "It's very important that every interested homebuyer seek mortgage pre-approval so they can be ready to put in an offer as soon as they tour that perfect home."

The following suburbs saw particularly notable growth in the number of detached single-family homes sold: Antioch (71.4% increase in number of detached homes sold); Arlington Heights (69.4%); Bartlett (72.4%); Batavia (54.2%); Des Plaines (71.4%); Geneva (65.4%); Glen Ellyn (57.6%); Green Oaks-Libertyville (73.7%); Gurnee (121.1%); Hainesville-Grayslake (90.0%); Hoffman Estates (62.1%); Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (100.0%); Montgomery (57.7%); Mundelein (75.0%); Oak Forest (85.0%); Oswego (51.4%); Park Ridge (56.7%); and Tinley Park (53.1%).

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