Like the city’s summer temperatures, Chicago’s suburban housing market continued to heat up in June with a rising median sales price and fewer days on the market overall, according to The Mainstreet Organization of Realtors’ (MORe) report on the June market.
MORe’s report on the May market similarly described substantial increases for real estate in 200 communities across DuPage, Lake and suburban Cook counties, but its recently released data showed these markets getting even stronger in June.
The median sale price across the studied Chicago suburbs moved up 7.2 percent year-over-year to reach $268,000 in June. In May, the median price was $249,900.
Not only are homes selling for more, MORe says they are moving off the market at a quicker pace. Time on the market dropped 6.7 percent annually to reach an average 84 days in June.
Mainstreet Organization of Realtors
A total of 4,798 single-family detached homes sold in the Chicago suburbs in June — an increase of 2.6 percent since June 2015. Single-family homes under contract also boosted 16.9 percent year-over-year, totaling 4,714 properties.
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“The suburban real estate market is on track for a strong year in sales. Buyers should be prepared to act quickly with solid purchase offers,” Lynn Madison, president of MORe, said in a statement. “Sellers should prepare their homes for sale.”
Since demand is escalating but interest rates remain low, now might be the time to jump on a Chicago suburban purchase before the market rises further.
Chicagoland communities showing substantial growth
The highest annual increase of homes sold in the suburbs in June fell in St. Charles (DuPage), at 25 percent. Geneva, just south of St. Charles, posted an 18.3 percent year-over-year increase in homes sold. Park Ridge and Wheaton increased by 16.4 and 16.2 percent during the same time period.
Naperville, a little over 30 miles west of Downtown Chicago in DuPage County, featured 10.5 percent more closings annually.
About 40 miles west of the city, Aurora (DuPage County) saw a 25.6 percent jump in under-contract homes. Other suburban towns with year-over-year boosts in homes under contract included Hoffman Estates (up 25 percent), Oak Lawn (up 20.4 percent) and Elmhurst (up 18.5 percent).
