Detached Chicagoland homes are being purchased at a historic pace with an average time on market of 53 days for single-family homes sold in April, according to Mainstreet’s newest data. That’s a 42.4% decrease over the amount of times homes sold in April 2020 spent on the market. Detached home contracts are also booming, with an 85% increase over last April.
The number of detached and attached homes that went under contract in April 2021 were similar to pre-pandemic contracts in April 2019 and April 2018.
“These numbers, sandwiching on either side of the pandemic year, show that we’re in a pretty normal market in terms of homes under contract,” Mainstreet Board of Directors President Linda Dressler said. “However, the average time on market is much lower than in spring 2019 or 2018, showing homebuyers are wasting no time in making offers on homes that are priced right for condition and location.”
For the three previous years, the average time detached homes sold in April spent on the market held consistently around 90 days, but the dramatic drop this year shows that supply is not matching demand.
“We’re anticipating that supply will go up in the fall,” Mainstreet CEO John Gormley said. “That would mean we’ll see a more balanced market by early next year.”
The following suburbs saw particularly strong decrease in the average time detached single-family homes spent on the market before selling in April:
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Antioch (70.4% decrease in average time on market)
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Aurora (-64.0%)
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Bartlett (-63.2%)
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Batavia (-68.0%)
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Buffalo Grove (-75.5%)
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Darien (-84.6%)
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Elk Grove Village (-81.6%)
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Evergreen Park (-81.6%)
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Geneva (-65.3%)
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Glendale Heights (-81.7%)
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Gurnee (-78.4%)
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Hoffman Estates (-68.8%)
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LaGrange Park (-60.8%)
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Lake Villa-Lindenhurst (-70.9%)
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Lansing (-63.4%)
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Mt. Prospect (-79.1%)
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Oswego (-61.8%)
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St. Charles (-62.0%)
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Streamwood (-65.4%)
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Vernon Hills (-77.6%)
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Western Springs (-71.3%)
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Wheaton (-55.8%)
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Woodridge (-71.2%)
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Zion (-65.7%)
Let your clients know that it’s a great time to put their home on the market, and they should be prepared to weigh multiple offers. With homes moving so rapidly right now, both buyers and sellers will benefit from your expertise in how to navigate the market.
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