Chicago area homes are being snatched up at a historic rate
Chicago area homes are getting snatched up at a pace that's making it difficult for homebuyers to respond. The average days on the market for detached homes were down 22.9% and attached homes were down a staggering 37.5% over March of 2021. Homes under contract also decreased by 17.5% for detached and 12.3% for attached homes.
With spring here and summer on the horizon, prospective home buyers are facing increasingly difficult circumstances.
"Prospective homebuyers are seeing increasing home prices and mortgage rates, and have one-third less of the time to act on a home than they did this time last year," Mainstreet Board of Directors President John LeTourneau said. "The market is not going to get any easier this summer, so homebuyers need to consider if that summer vacation is going to help their chances of landing a home in this tight market."
Median sales prices went up for attached and detached homes, 13.5% and 5.2%, respectively, over last March.
"The work from home environment meant many people bought homes further away from the office or even in a different state," Mainstreet CEO John Gormley said. "Now, employees are getting called back into the office and it's once again shifting homeowners' outlook on where they need to live."
For those homebuyers searching for a place to live, the following suburbs saw a particularly sharp decrease in the average days on market for single-family homes: Addison (67.8% decrease in average days on market); Bridgeview (-48.8%); Buffalo Grove (-83.1%); Burr Ridge (-53.9%); LaGrange (-51.1%); Mt. Prospect (-73.0%); Oak Brook (-68.7%); Palatine (-44.6%); South Holland (-61.1%); Sycamore (-52.0%); West Chicago (-53.2%); and Wheeling (-41.3%).
"Given the limited inventory, homebuyers are going to be better off in the long run if they work with a REALTOR® to ensure they properly navigate the tight market," LeTourneau said.