Number of Homes Going Under Contract Soared in January

 

The number of detached single-family homes that went under contract in January 2020 leapt 21.3 percent over January 2019, according to MORe data. In total, 2,999 such homes went under contract last month, compared to just 2,472 one year prior. Attached homes also showed significant growth, with 19.0 percent more going under contract this January than last.

While this year’s milder January weather played a role, increased inventory on the market played a significant role in driving growth.

“We haven’t seen this much detached inventory available in the Chicagoland market in over a decade,” MORe CEO John Gormley said. “We’ve been seeing pent-up buyer demand for a while, and conditions are now ripe for people to get out and buy.” 

Median sales prices for the homes sold in January were also up. Detached single-family homes sold for a median of $249,900, up 5.9 percent from last January’s median price of $236,000. Attached home prices rose 1.9 percent over the same period. 

“We’re seeing a resurgence in the appeal of the single-family home,” MORe Board of Directors President Brian Kwilosz said. “Millennials may have delayed buying homes in the suburbs, but now, that’s where many of them want to move.”

Communities with particularly strong increases in the number of detached homes going under contract included: 

  • Addison (83.3 percent increase in detached home sales)

  • Arlington Heights (81.0%)

  • Batavia (61.1%)

  • Bellwood (84.6%)

  • Buffalo Grove (64.0%)

  • Darien (58.3%)

  • Downers Grove (51.4%)

  • Green Oaks-Libertyville (54.2%)

  • Hainesville-Grayslake (51.4%)

  • LaGrange (63.6%)

  • Niles (130.0%)

  • Palatine (85.2%)

  • Streamwood (50.0%)

  • Villa Park (127.3%)

  • Wauconda (50.0%)

  • West Chicago (68.4%)

  • Zion (112.5%)

As the recent Chicago Tribune article “Goodbye, winter lull? Chicagoland real estate market no longer bound to peak spring season” also discussed in the context of MORe’s real estate data, the market is changing. Summer was slow last year, but the winter market has been strong. The coming months should provide many opportunities for buyers and sellers, as this market is expected to continue.