Chicagoland Home Sales Spiked in December


December brought strong growth to the local housing market, according to MORe data. Compared to December 2018, the market saw a 13.8 percent increase in the number of single-family detached homes sold and a 6.3 percent increase in the median selling price.

“The past year had a delayed spring market, but now we’re seeing pent-up demand drive increased sales,” MORe CEO John Gormley said. “That shows a level of consumer confidence. Interest rates are low, a recession is unlikely in the coming year, and consumers are taking that step to buy a home.” 

The strong sales in December boosted overall market indicators for 2019, but did not quite make up for a slow start to the year. Overall, 2.5 percent fewer detached single-family homes were sold in 2019 than in 2018, and the median sale price increased just 1.1 percent. However, the strong close to the year suggests that sales will continue to trend upwards. 

“All signs point to a positive 2020 in our area,” MORe Board of Directors President Brian Kwilosz said. “Home values are increasing, and consumer demand is growing. It won’t be a record-breaking year, but we expect to see growth in our region.”

Communities with particularly strong increases in home sales included: 

  • Arlington Heights (42.9 percent increase in detached home sales) 

  • Elmhurst (90.5%)

  • Glen Ellyn (40.0%)

  • Hainesville-Grayslake (50.0%)

  • Hoffman Estates (34.6%)

  • Lansing (50.0%)

  • Lombard (46.4%)

  • Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (45.5%)

  • Mount Prospect (20.8%)

  • Naperville (58.4%)

  • Oak Lawn (29.3%)

  • Palatine (53.6%)

  • Wheaton (36.0%)

This consumer confidence means many buyers may not wait for the traditional buying season. If your clients are willing to start their home searches now, they’ll likely be able to get more for their money. So encourage them to brave the winter weather this weekend and go tour some homes.