Overpriced Suburban Homes Lag as Buyers Prioritize Value and Style

Despite high demand, homes that don’t meet buyer expectations, either in price or presentation, are lingering on the market longer in many Chicagoland suburbs.

The number of detached homes sold in March was down 9.4%. There were 2,147 detached single-family homes that sold in March 2024 and 1,945 that sold last month. These homes averaged 54 days on market this year, compared to 49 days last year. 

Though time on market was slightly longer, detached home prices still rose year-over-year for the 23rd consecutive month. Last month, detached, single-family homes sold for a median of $385,000, a 4.1% increase from $370,000 in March 2024.

"Buyers are experiencing a trifecta of challenges right now – finding a home that fits their needs and also has that 'instagram-worthy' effect at an affordable price point," said Connie Vavra, President of Mainstreet REALTORS®. "Market solutions are out there, but it is taking longer to execute."

Attached home sales were also down 3.7% last month, from 1,118 last year to 1,077 last month. These homes also sat on the market considerably longer – 43 days compared to only 31 days last year. However, median sales prices were still elevated to $270,000, up from $260,000 in March 2024.

"The current market requires more sophisticated transaction guidance," said John Gormley, CEO of Mainstreet REALTORS®. "As creative financing and offer structures are becoming more common, a Mainstreet REALTOR® serves as a great partner to help buyers and sellers achieve their goals."

Detached homes in the following Chicagoland suburbs are selling faster than the average time on market: 
  • Antioch (21.9% decrease in average time on market)
  • Bartlett (27.1%)
  • Batavia (57.5%) 
  • Buffalo Grove (57.1%)
  • Carol Stream (43.2%) 
  • Dolton (22.5%)
  • Elmhurst (30.7%)
  • Lake Villa – Lindenhurst (29.4%)
  • Longrove – Lake Zurich – Hawthorn Woods – Kildeer (44.2%)
  • Naperville (26.2%)
  • Oswego (50.0%)
  • Round Lake (29.6%)
  • Sycamore (60.9%) 
  • Wheaton (53.7%).

Limited inventory and high demand lead to a challenging residential real estate market, especially for buyers. Connect with a local Realtor today for assistance navigating today's dynamic landscape with confidence.