Neighbor News
Third Quarter Ends on High Note, Marking Eighth Consecutive Month of Growth for Chicago Suburban Housing Market
Positive housing market numbers reflect a third quarter that has shown resilience in the face of consumer uncertainty about the economy.
DOWNERS GROVE, Ill. – Home sales were up for the eighth consecutive month throughout Chicago’s suburban housing market, statistics released today by the Mainstreet Organization of REALTORS® (MORe) show. Overall sales of detached single-family homes rose by 7.8 percent month-to-date in September compared to the same period in September 2014. Overall sales increased 12 percent in Evergreen Park.
Additional key indicators of growth include an increase in median sale price of 5.7 percent month-to-date for detached single-family homes, and an increase of 20.1 percent of the number of detached single-family homes under contract compared to September 2014. In Evergreen Park, the median sale price increased 17.5 percent and the percent of homes under contract rose 94.1 percent.
The positive numbers reflect a third quarter that has shown resilience in the face of consumer uncertainty about the economy. The number of homes sold in the third quarter to date (11,465) represents an increase of 8.2 percent from the 10,595 homes sold during the third quarter in 2014, data provided by Midwest Real Estate Data LLC show.
Find out what's happening in Evergreen Parkfor free with the latest updates from Patch.
“Housing numbers regularly fluctuate from month-to-month in most individual communities, but the consistent overall growth in the Chicago suburban housing market as a whole is worth noting,” said Lynn Madison, president of MORe and owner of Lynn Madison Seminars. “Eight consecutive months of growth illustrates that consumers are not being deterred by market fluctuations.”
Of the approximately 200 communities in DuPage, Lake and suburban Cook counties that MORe serves, Madison has seen a particular uptick in home sales in Chicago’s south suburbs.
Find out what's happening in Evergreen Parkfor free with the latest updates from Patch.
“Growth seen throughout the south suburbs has shown great consistency this quarter,” said Madison. “We’ll be keeping an eye on the numbers heading into the next quarter to see if the promising growth continues.”
Other communities that saw large month-to-date single-family detached home sales growth in September 2015 include Brookfield with a 128.6 percent rise, Wheeling with a 128.6 percent increase, South Holland with a 118.8 percent improvement and Schaumburg with 73.1 percent more homes sold over the September 2014 number.
If you would like to see the numbers for all of the communities MORe serves, please contact Amy Robey at amy@succeedwithmore.com or (630) 386-0087.
