According to MORe data, median sales prices for attached houses increased by an average of 5.4 percent from August 2018 to August 2019, even though the number of attached homes sold decreased 7.4 percent during that same period. For millennials and first-time home buyers, that indicates real estate will be a valuable asset for years to come.
“For the last few years, the Chicagoland housing market was a very fast-paced seller’s market. Even though the market has cooled in 2019, we’re still seeing an increase in property values across the board,” said Michael Gobber, Immediate Past President of the MORe Board of Directors. “Attached homes are staying on the market longer than in years past, and sales are down slightly, but home prices are up. That tells the consumer that real estate is a worthwhile investment.”
Some of the area communities that experienced the highest increase in median sale prices for single family attached homes include:
-
Arlington Heights (9.3 percent increase in median sales price)
-
Downers Grove (26.5%)
-
Glen Ellyn (72.8%)
-
Glendale Heights (46.5%)
-
Oak Lawn (15.0%)
-
Park Ridge (14.0%).
As a Mainstreet REALTOR®, you can help first-time homebuyers buyers find programs that will make it easier for them to buy a home and invest in their future as the market strengthens. Last month the FHA relaxed their condo rules, making it easier for buyers — especially first-time homebuyers — to utilize FHA financing when purchasing a condo. This could supercharge the market, especially for individuals and families that thought homeownership was far off.