Northern Illinois real estate market shows no signs of slowing

The strong growth seen in the Chicagoland housing market in 2020 continued in January, according to statistics released today by the Mainstreet Organization of Realtors (MORe).

Detached single-family home sales rose 18.9% in January 2021 compared to January 2020, and median sale price rose by $45,100, from $249,900 to $295,000.

Attached homes also saw gains, with 25.3% growth in the number of homes sold in January and an $11,250 gain in the median sale price, from $165,000 last January to $176,250 in January 2021.

“There is so much appetite to buy homes in our area right now that inventory can barely keep up,” MORe CEO John Gormley said. “This is a fantastic market, but it indicates that buyers have to prepare to be quite aggressive when they put down offers.”

Offers on local homes are coming in fast, with detached homes spending 32.1% less time on the market before selling this January than at the corresponding time last year. Attached homes that sold this January spent 21.3% less time on the market than those that sold last January.

“In a market like this, every buyer needs a Mainstreet Realtor by their side more than ever,” MORe Board of Directors President Linda Dressler said. “If you have found that home that’s right for you, listen to your Realtors advice on how to maximize your chances of having an offer accepted — that’s their area of expertise.”

The following suburbs saw particularly strong price growth in detached single-family homes: Aurora (24.6% increase in median sale price); Chicago Heights (48.1%); Des Plaines (17.3%); Dolton (45.3%); Elmhurst (18.4%); Glen Ellyn (20.3%); Gurnee (19.3%); Hainesville-Grayslake (24.7%); Hoffman Estates (23.2%); Lake Villa-Lindenhurst (34.5%); Lansing (26.4%); Maywood (82.5%); Naperville (17.2%); Palatine (42.3%); Schaumburg (28.6%); Tinley Park (30.9%); Zion (71.8%).