Single-family detached Chicagoland homes hit a median sale price of $349,900 in June, according to statistics released today by the Mainstreet Organization of REALTORS®. This price point reflects a 22.8% jump over June 2020.
Attached homes also achieved new highs in June, with a media sale price of $205,500. This was a 15.3% increase over the same period last year.
According to Dr. Lawrence Yun, Chief Economist at the National Association of REALTORS®, continued price gains can be expected nationally in the coming months, with some cooling of the market toward the end of the year and into 2022. Even then, Yun predicts that any price declines would be small and of short duration.
“Here in the Chicago suburbs, we’re seeing developers start to address the shortage of inventory that we’ve been feeling for months,” Mainstreet Board of Directors President Linda Dressler said. “For example, both the Motorola campus in Schaumburg and the AT&T campus in Hoffman Estates are currently being redeveloped to incorporate housing and meet the current need.”
These shifts in development will reduce strain on inventory in the area, but may take a while to make a difference, especially given the high price of building materials.
“We’re going to continue to see high demand in the region in the short-term and the long-term,” Mainstreet CEO John Gormley said. “As we look forward, we expect more people to migrate to the midwest to avoid sea level rise due to climate change. We have a great quality of life here in Illinois and people are going to come looking for that.”
In the following suburbs, detached single-family home prices saw particular growth in June: Antioch (35.7% growth in median sale price); Carol Stream (27.7%); Chicago Heights (93.9%); Elk Grove Village (32.6%); Geneva (31.3%); Green Oaks-Libertyville (29.9%); Hinsdale (36.9%); Homewood (57.7%); Ingleside (30.8%); Inverness (29.1%); Lake Villa-Lindenhurst (37.0%); Lansing (39.8%); Matteson (48.0%); Maywood (37.5%); Naperville (27.3%); Orland Park (29.9%); Park City-Waukegan (37.8%); Park Forest (57.8%); South Holland (45.4%); St. Charles (28.1%); Vernon Hills (56.2%); West Chicago (37.3%); Western Springs (29.5%); and Zion (32.1%).