After a coronavirus-driven slowdown, the Chicagoland real estate market is showing signs of bouncing back. In May 2020, 2.1 percent more detached single-family homes went under contract than in May 2019, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe). This indicates that the market is moving back toward expected seasonal levels.
In contrast to detached homes, 14.3 percent fewer attached homes went under contract this May than last May. This shift may indicate a lasting coronavirus impact on consumer preferences, with many Illinoisans looking for more space at home, including yard space. However, both attached and detached homes saw increases in median sales price, due to the combination of pent-up demand and low inventory available.
“We only have about 3 months of inventory for homes under $335,000 in Chicagoland right now,” MORe CEO John Gormley said. “As coronavirus restrictions loosen, buyers are resuming their home searches, so anyone who wants to sell should put their home on the market now — they are likely to get the price they are asking or more. ”
REALTORS® have established a number of practices to help consumers stay safe from the coronavirus during home tours. Even as the state begins to open up further, these precautions will remain in place.
“Already, we’re seeing the number of homebuyers looking to tour properties increasing,” MORe Board of Directors President Brian Kwilosz said. “We’re seeing people line up to take turns touring open houses in a socially-distanced way.”
Suburbs with notable increases in the number of detached single-family homes going under contract included: Antioch (54.1 percent increase in homes under contract); Bensenville (18.8%); Chicago Heights (25.9%); Country Club Hills (38.1%); Dolton (26.5%); Downers Grove (43.6%); Elmhurst (33.3%); Flossmoor (75.0%); Franklin Park (16.7%); Ingleside (17.7%); Lansing (54.8%); Lemont (36.0%); Lisle (45.8%); Matteson (29.6%); Midlothian (30.0%); Mt. Prospect (19.0%); Mundelein (47.5%); Oak Lawn (39.6%); Park City - Waukegan (21.1%); Riverside (25.0%); Round Lake (29.8%); Wauconda (52.6%); Wheaton (18.1%); and Woodridge (20.0%).
“In this market, buyers should plan to make an offer as soon as they see a home they like,” Kwilosz said. “A Mainstreet REALTOR® can help buyers navigate the process to maximize the chance of having that offer accepted.”