Despite the snowy weather, Chicagoland homes continue to sell quickly

Single-family homes sold in February 2021 spent 33.3% less time on the market than homes sold in February 2020, according to statistics released today by the Mainstreet Organization of Realtors (MORe). Condos and townhomes saw a 20.2% decrease in the time on market over the same period. In February, the average detached home sold after 78 days on the market, while the average attached home sold after just 67.

"We're continuing to see incredible demand for homes in the area," MORe CEO John Gormley said. "Unlike a usual year, buyers' appetite has remained fairly constant through the winter all the way up to the traditional beginning of the spring market."

Despite the low inventory, the total quantity of Chicagoland homes sold in February was also up. Detached home sales were up 19.4%, from 2,004 homes in February 2020 to 2,392 in February 2021. Attached home sales were up 17.9%, from 975 to 1,149.

"Right now, we are still seeing tight inventory in part because people are nervous to list their homes before they've secured new ones," MORe Board of Directors President Linda Dressler said. "I'm hopeful that with the vaccination rollout speeding up, it will open up more supply in our area."

The following suburbs showed a particularly strong decrease in the amount of time the homes spent on the market: Arlington Heights (42.8% decrease in average market time); Aurora (51.5%); Dolton (36.0%); Downers Grove (41.2%); Evergreen Park (53.0%); Glen Ellyn (49.4%); Green Oaks-Libertyville (44.8%); Gurnee (31.8%); Hoffman Estates (70.3%); Lake Villa-Lindenhurst (44.3%); Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (52.3%); Mt. Prospect (32.8%); Mundelein (38.1%); Naperville (49.3%); Oak Lawn (57.6%); Oswego (64.8%); Round Lake (44.6%); Schaumburg (41.6%); St. Charles (66.2%); Streamwood (50.6%); and Villa Park (68.2%).