Suburban Homes Taking Slightly Longer to Sell

Though subtle, trends in Chicagoland suburban real estate are shifting. Since September, time on market for detached, single-family homes has been ticking up slightly year-over-year. 

The average time on market for detached homes was 41 days in November 2024, up from 37 last year. The average time on market for attached homes increased from 26 days last year to 32 days last month.

"We're not seeing the stampede of buyers that we were seeing at this time last year. The well-positioned homes are still moving within days, but sellers can no longer put their homes on the market with little effort and expect big results like they could before,"  said Connie Vavra, President of Mainstreet REALTORS®. 

The sale of detached homes in the Chicagoland suburbs was down a mere 0.3% from November 2023 to November 2024. There were 2,057 detached homes sold last November and 2,050 sold last month. Median sale prices for these homes rose 6.1%, from $355,000 last year to $376,500 last month.

"With buyers slowing down and taking their time, it's really important sellers are working with their Mainstreet REALTOR® to ensure their homes are ready for showing in today's market. On the other side of the table, a real estate professional working with a buyer will make sure your offer really stands out and advocate in your best interest," said John Gormley, CEO of Mainstreet REALTORS®.

Attached home sales increased 2.6%, from 1,037 sold in November 2023 to 1,064 sold last month. Median sale prices for attached homes were up 8.2%  year over year, from $245,000 in October 2023 to $265,000 in November 2024.

Both detached and attached homes under contract were up year over year, 12.9% and 11.6%, respectively. There were 2,134 detached homes under contract last month, compared to 1,890 last year and there were 1,068 attached homes under contract last month, compared to 957 last year.

"Over the last few months, there's been increasing interest in multi-unit buildings. People are looking for investment properties, but they are also looking at these properties as a solution for multi-generational housing," Vavra said.

This is aligned with national trends, where 17% of home buyers purchased a multigenerational home, 25% of whom did so to take care of an aging parent and 21% because of children or relatives over the age of 18 moving back home.

Following are a few suburbs where time on market for detached homes was still down, despite broader trends in the other direction: 

• Arlington Heights (28.6% decrease in average time on market from November 2023 to November 2024)
• Calumet City (21.3%)
• Crete (37.5%)
• Glen Ellyn (13.6%)
• Green Oaks – Libertyville (36.7%)
• Gurnee (42.7%)
• Oak Forest (17.2%)
• Oak Lawn (37.7%)
• Park Ridge (46.0%)
• Wheaton (19.5%)