The median sales price of detached single-family homes in the Chicagoland area rose 3.6 percent from November 2018 to November 2019, according to new MORe data. Over the same period, the median sales price of attached homes increased 4.2 percent.
“Moderate price increases indicate a healthy market,” MORe CEO John Gormley said. “Property is appreciating in a steady and sustainable way, without volatility.”
The number of total homes sold decreased compared to last November, in both the detached and attached categories. Detached home sales showed a moderate decline of 3.9 percent, while nearly 15 percent fewer attached homes sold.
“Inventory is tighter for attached homes,” MORe Board of Directors President Brian Kwilosz said. “We only have two to three months supply of attached homes, but we know both first-time homebuyers and downsizing baby boomers will be competing to buy them in the near future.”
Communities that saw increased median sales prices for detached housing include:
-
Chicago Heights (25.0 percent increased in detached median sales price)
-
Elk Grove Village (18.5%)
-
Hainesville-Grayslake (15.7%)
-
Lemont (18.3%)
-
Matteson (20.4%)
-
Maywood (15.7%)
-
Montgomery (27.1%)
-
Wheaton (15.9%)
Communities that saw increased median sales prices for attached housing include:
-
Downers Grove (25.0%)
-
Fox Lake (36.3%)
-
Hanover Park (15.1%)
-
Hoffman Estates (18.2% attached)
-
Round Lake (13.8% attached)
-
Streamwood (11.9% attached)
-
Tinley Park (11.4%)
-
Wheaton (11.1% attached)