July 2013 was a roaring month for home sales in the entire Chicagoland area. Home sales are up over 36% from July 2012 to July 2013 and the median price rose 18% in that time as well.
The Mainstreet Organization of Realtors revealed data regarding attached single family home sales, townhomes and row-homes, as well as which cities in the metro Chicagoland area were producing them. Chicago Agent Magazine breaks it down for us in 2 categories; the top 10 housing markets in the city and in the suburbs.
The top 10 suburbs produced a total of 631 attached single family homes in the month of July. From Arlington Heights to Tinley Park, sales were pretty steady and consistent across the board. Evanston (just north of Chicago) and Schaumburg (northwest) were the 2 that topped the suburb chart at 70 sales each.
Things were very different in the city of Chicago. Chicago clobbered the suburbs with an overwhelming 1,233 attached single family home sales. Sales were more varied in the city however. Certain neighborhoods definitely received more traction than others. The shining stars of the Windy City were Lakeview and Near North, neighborhoods located only a few miles north of the Loop and the Magnificent Mile.
The suburbs have held the top spot in home sales for the last 60 years. What has changed?
If you are in the market to buy in the Chicagoland area, it might be worth checking out exactly why the Chicago is outperforming its suburbs by more than double right now.
More to come….