From January through September 2020, 4.4% more single-family detached homes were sold than during the same nine months last year, according to new MORe data.
Phenomenal detached homes sales in September closed the gap opened by the coronavirus pandemic. The 4,388 detached homes sold that month represented a 42.6% increase from the 3,077 sold in September 2019. While attached home sales still lag last year, 29.2% growth in September 2020 over September 2019 made up part of the difference.
“September was the biggest month I've seen in my career, in terms of the number of transactions I handled,” MORe Board of Directors President Linda Dressler said. “The pandemic shifted the market back by a few months but did not change the demand for homes, and REALTORS® across Northern Illinois are seeing those transactions come through now.
Median sale price has also risen over this time year, largely due to the convergence of high demand and low inventory. In September 2020, the median sale prices for detached single-family homes hit $300,000, a full $40,000 increase over September 2019.
“This growth will likely slow a bit by the end of the year, but we expect to continue to see strong sales in the Chicagoland market in the next month or two,” MORe CEO John Gormley said. “Contracts for detached homes were up more than 50% in September, and contracts for attached homes were up more than 45%. We will be realizing many of those sales over the next few weeks.”
The following suburbs saw particularly notable growth in the number of detached single-family homes sold:
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Antioch (94.1% increase in number of detached homes under contract)
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Arlington Heights (64.2%)
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Batavia (119.1%)
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Carol Stream (100.0%)
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Downers Grove (84.6%)
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Glen Ellyn (105.6%)
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Green Oaks-Libertyville (81.3%)
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Hinsdale (115.0%)
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Hoffman Estates (70.0%)
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Lake Villa-Lindenhurst (65.2%)
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Lombard (78.1%)
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Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (147.5%)
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Niles (87.0%)
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Park Ridge (133.3%)
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Saint Charles (65.2%)
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West Chicago (145.0%)
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