The median sale price of detached single-family homes in Chicagoland reached $323,000 in March, according to Mainstreet’s newest data. That’s 16.2% above the March 2020 median of $278,000. Prior to the pandemic, the monthly median sale price in the area had remained below $300,000 for several years.
“One year into the coronavirus pandemic, it’s clearer than ever that this event did not dampen the enthusiasm for homeownership at all,” Mainstreet CEO John Gormley said. “We are seeing such a large appetite to buy, across homes of all sizes and in all conditions.”
Attached prices rose to a median sale price of $185,000 in March, a 6.6% increase over March 2020. This median sale price was last hit in April 2020.
March was also marked by significant increases in the number of homes going under contract, with 36.7% more detached homes and 78.3% more attached homes entering the contract phase than in March 2020.
“If you’re buying, you’re likely to find yourself in a multiple-offer situation,” Mainstreet Board of Directors President Linda Dressler said. “Happily, there are a number of things you can do to make your offer more attractive outside of just offering more and more money. Your Mainstreet REALTOR® can work with you to determine what the best course of action is in a given scenario.”
The following suburbs saw particularly strong increases in median sale prices for detached single-family homes:
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Addison (32.9% increase in median sale price)
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Alsip (20.3%)
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Buffalo Grove (23.2%)
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Calumet City (29.0%)
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Chicago Heights (33.1%)
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Dolton (30.8%)
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Evergreen Park (41.2%)
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Homewood (23.4%)
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Lansing (38.5%)
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Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (31.1%)
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Midlothian (24.3%)
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North Aurora (26.3%)
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Orland Park (21.1%)
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Park Forest (67.7%)
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Rolling Meadows (23.4%)
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West Chicago (29.9%)
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