The median price for a single-family home in the Chicago suburbs is now $360,000, according to new data from the Mainstreet Organization of REALTORS®. This is an increase of 9.1% or $30,000 over last year.
Meanwhile, prices across the Chicago-Naperville-Elgin area rose 8.8% over the past year to $349,300.
“What’s holding people back from buying a home is soaring home prices. Homes that used to cost $100,000 are now selling for $180,000, so people are really pushed over the edge.” Street President Tim Ryan said in a press release.
Association members discussed these price increases at the National Association of Realtors Legislative Conference in Washington, D.C., in early May. “From Main Street Realtors to Illinois Realtors to the national association, we are all working together on ways to improve home affordability and increase and unlock housing inventory.” CEO John Gormley said.
“The obvious answer is to provide mortgage interest relief. But there are also things that can be done to make homeownership easier, such as amending zoning laws and reducing construction and impact fees.” Gormley added, reflecting on Illinois’ chronic housing inventory shortage.
The number of new properties in the Chicagoland suburbs fell nearly 12.7% in April compared to the same month last year. From April 2022, it has decreased by nearly 30%. However, despite that decline, the number of single-family homes sold increased by 2.5% year-on-year, with a total of 2,516 units sold.
Single-family home sales for the quarter were down 3.7% year-over-year, although some suburbs saw sales increase in the first quarter. In order, Hinsdale (up 60.9%), Markham (36.0%), Ingleside (35.4%), Zion (33.4%), Harvey (28.8%), Calumet Park (27.8%), and Montgomery and Riverdale (both 26.6%). ) was. %), Elmhurst (25.6%), Lisle (23.8%), LaGrange (23.4%), Palos Heights (22.5%), Green Oaks-Libertyville (20.6%), Westmont (20.0%), Roselle (19.7%) ), Elmwood Park (19.6%), Wauconda and Bensenville (both 19.3%), Bloomingdale (18.7%), Keeneyville St. Paul Charles (18.2%), Downers Grove (17.1%), and Des Plaines (15.3%).
Meanwhile, consolidated sales in April increased by 17.4% year-on-year to 1,308 units, and sales prices increased by 14.7% to a median price of $263,250.
