Spring housing market showing promising signs, growth in attached housing

New Chicagoland housing data shows a rise in the popularity of condos and townhouses for area buyers. While 2019 home sales continue to be lower than 2018, new data collected and visualized by MORe shows sales may soon show an increase over last year. Attached homes that went under contract in May increased 10.1 percent over the same month last year. The number of detached homes under contract also saw an increase of 5.5 percent over May 2018.

“As we’ve seen for the last several months, lower priced homes are selling quicker than more expensive ones, which may be why we’ve seen an increase in the number of attached homes that went under contract,” MORe Board of Directors President Michael Gobber said.

Some of the area communities that experienced an increase in the number of attached homes under contract include:

  • Arlington Heights (21.4 percent increase)
  • Aurora (11.1%)
  • Bloomingdale (25.0%)
  • Des Plaines (19.2%)
  • Mount Prospect (17.9%)
  • Naperville (11.0%)
  • Oak Lawn (54.6%)
  • Orland Park (14.0%)
  • Schaumburg (17.8%)
  • Wheeling (77.8%)

First-time buyers often appreciate attached suburban homes because they have walkable neighborhoods, offer easy commutes downtown, require little maintenance and come with attractive amenities. Help your clients see the possibilities in attached as well as detached homes to fit their “must-haves” in a new home, especially if they are first-time buyers.

For additional insights on the local market, check out the Mainstreet May Market Minute(s) video with President Mike Gobber and CEO John Gormley.