All but 2 Chicagoland suburbs surveyed saw price increases this June
23 of 25 Chicagoland suburbs surveyed saw year-over-year price increases this month. Some were in double-digits!
Before we get to the details, let's look at some highlights.
MEDIAN SALES PRICE
The current median sale price in the Chicagoland suburban market is $228,900. This is up 6.5% YoY (year-over-year). Of the 25 areas we looked at, Campton Hills saw the highest median sales price at $467,500. At the low end, Elgin comes in at $178,500.
YoY PRICE CHANGES
The suburban Chicago real estate market has seen an average 6.5% price increase YoY. Only 2 areas, Glen Ellyn and South Elgin, saw a price decrease. The big winner here is West Chicago seeing a 26.3% YoY increase in median sales price.
HOUSING SUPPLY
Of the 25 suburbs we surveyed, 5 of them are experiencing a sellers market (less than 3 months of inventory). If you live in Bartlett, Carol Stream, Hanover Park, Huntley or Warrenville - it's time to SELL! 18 suburbs are in a stable market, while 2 areas (Campton Hills and Wayne) are in a buyers market with more supply than demand.
MARKET TIME
The average home in Chicago's suburbs takes 37 days to sell. In our survey, we found 4 hot neighborhoods where market time is less than a month. Those suburbs include Batavia, Carol Stream, South Elgin and Warrenville.
The information above was compiled from MRED (Midwest Real Estate Data) on Thursday, June 8, 2017.
If you're wondering what the local real estate market is like in your neck of the woods, give us a call at 630-488-3300, we'd be happy to explain current conditions. We can tell you if now is indeed the right time to sell.
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