November Brought Strong Growth in Chicagoland Home Prices
The median sales price of detached single-family Chicagoland homes increased 8.5% in November 2021 compared to November 2020, according to statistics released today by the Mainstreet Organization of REALTORS® (Mainstreet). Attached homes saw even greater growth in median sales price over the same period, with an increase of 10.3%
While home sales often slow in the winter, the low inventory and high demand have kept the market active through November and into December. Many sellers are taking advantage of the market to list their homes for sale.
"Despite the overall low inventory, we are seeing quite a few brand new listings go on the market," Mainstreet Board of Directors President-Elect Debbie Pawlowicz said. "That's not typical this time of year. The sellers are jumping in because they're seeing eager buyers."
Eager sellers and buyers also drove contract growth in November, with 6.0% more detached homes and 14.0% more attached homes going under contract compared to the previous November. While most of these contracts will result in closed sales in December and January, some may not be completed.
"We are still seeing a fair number of contracts fall through after buyers have rushed into them," Mainstreet CEO John Gormley said. "Mainstreet REALTORS® can set expectations for both sellers and buyers to help them make deals that will hold up through closing."
The following suburbs saw particularly strong price growth in detached single-family homes: Antioch (34.9% growth in median sales price); Burr Ridge (37.3%); Chicago Heights (15.5%); Crete (18.9%); Elk Grove Village (16.3%); Evergreen Park (53.3%); Gurnee (18.8%); Hainesville-Grayslake (24.4%); Homewood (17.1%); Lansing (27.3%); Park Forest (54.4%); Rolling Meadows (21.4%); Schaumburg (15.8%); South Holland (19.3%); Streamwood (22.0%); and Zion (16.1%).