Latest data from the Mainstreet Organization of REALTORS reveals new reason for optimism in Chicagoland's real estate market.
The number of homes under contract in the Chicago suburbs increased by 2.5% in February compared to the same month last year. Although the time on the market decreased from 66 days last year to 56 days this year, the median home price for single-family homes increased from $304,900 to $345,000. rose to .
New construction sales also increased in the Chicagoland PMSA, which includes Chicago and its surrounding suburbs. New home sales increased 23.9%, from 293 new home sales in February 2023 to 363 new home sales last month, Main Street reported.
“Many buyers are finding inventory tight in Chicagoland, even though a combination of long, cold winters, an unfavorable political climate, and high development costs can make new construction more difficult. We're looking for new housing as an alternative,” said Main Street Board Chairman Tim Ryan.
The following suburbs, listed alphabetically, saw an increase in contract homes from February 2023 to February 2024: Bartlett (92.9% increase in contracted single-family homes). Buffalo Grove (55.0%); Burbank (23.8%); Calumet City (12.9%); Carol Stream (23.5%); Chicago Heights (12.0%); Country Club Hills (75.0%); Crete (33.3%) ; Dalton (9.7%); Hoffman Estates (18.5%); Lake Villa Lindenhurst (8%); Lansing (115.4%); Markham (38.9%); Matheson (58.8%); Maywood (53.9%); Midlothian (53.9) %); Mount Prospect (28.6%); Mundelein (26.1%); Park Forest (6.3%); South Holland (36.0%); St. Charles (50.0%); Streamwood (15.8%); Tinley Park (48.0%); ) and Zion (38.1%).
