For the second month in a row, the Chicago suburbs saw strong growth in the numbers of detached and attached homes going under contract, according to new MORe data.
In July, the number of detached single-family homes going under contract leapt by 54.6 percent over the same month last year, from 3,670 to 5,672. Attached homes saw an increase of 37.1 percent, from 1,662 to 2,279. June’s increase in homes under contract also began to translate into closed sales, with July showing a 17.3 percent increase in sales over July of 2019. Attached homes saw a corresponding 6.5 percent increase in sales.
“While the pandemic may have delayed many people’s home searches, we’re now seeing that pent-up demand drives contracts and sales,” MORe CEO John Gormley said. “Anecdotally, we’ve also seen strong evidence of a COVID-driven migration to the suburbs.”
This spring, The Harris Poll found that about 40% of city residents across the country were considering moves to less populated areas due to a desire for more personal space in light of the pandemic. If the steep increase in homes going under contract continue, the low amount of available inventory could begin to be a challenge for homebuyers.
“Right now, we have only about three months of inventory available for homes under $335,000 in the Chicagoland suburbs,” MORe Board of Directors President Brian Kwilosz said. “Many buyers are finding themselves in multiple-offer situations.”
While such a market can be challenging for buyers, it means sellers are likely to get an excellent price for their homes. This may be especially true for homes that have the amenities most sought after during the pandemic, such as home offices and large outdoor spaces.
A number of suburbs saw significant growth in both detached and attached homes going under contract, including:
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Arlington Heights (78.9 percent increase in number of detached homes under contract, 68.9 percent increase in number of attached homes going under contract)
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Downers Grove (76.3% detached, 29.6% attached)
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Gurnee (108.3% detached, 138.5% attached)
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Hainesville-Grayslake (68.2% detached, 93.8% attached)
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Hoffman Estates (61.7% detached, 37.0% attached)
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Naperville (70.2% detached, 15.8% attached)
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Niles (75.0% detached, 31.3% attached)
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Oak Lawn (54.1% detached, 81.5% attached)
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Orland Park (75.0% detached, 26.3% attached)
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Oswego (56.0% detached, 57.7% attached)
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Palatine (12.3% detached, 47.6% attached)
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Wheaton (73.5% detached, 105.3% attached)
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Woodridge (104.0% detached, 47.1% attached)
With so many buyers looking for homes with more indoor and outdoor space for both work and play, this is a great time for sellers who are on the fence to move forward. Homes with great curb appeal and up-to-date fixtures are moving quickly.