August Suburban Housing Market Sees Seventh Consecutive Month of Growth

DOWNERS GROVE, Ill. – Marking the seventh consecutive month of growth for the housing market in the Chicago suburbs, August saw an increase of 4.3 percent in the number of single-family detached homes sold compared to August 2014, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe). The Lake Zurich region saw a 3.3 percent increase.

Other key indicators of growth include the median sale price of detached single-family homes, which increased by 0.5 percent, and the number of single-family detached homes that went under contract for sale, which rose by 24.3 percent compared to the same time last year. In the Lake Zurich Region, the median sale price rose 5.8 percent and number of single-family detached homes that went under contract for sale rose 46.3 percent.

“August’s housing market showed that growth in the Chicago suburbs is sustainable,” said Pradeep Shukla, president of MORe and managing broker of RE/MAX Renaissance in Des Plaines. “Consumer confidence is still strong. And, with the impending increase in interest rates, people are more inclined to buy now.”

The average number of days a home was on the market in MORe’s region in August 2015 – which includes about 200 communities in DuPage, Lake and suburban Cook counties – reflects a steady decrease throughout the summer, down from 117 days in April 2015 to 88 days, data provided by Midwest Real Estate Data, LLC show. In the Lake Zurich region, the average market time dropped from 141 days to 105 days.

“An improving economy, a lower unemployment rate and lower mortgage interest rates have given consumers reason for optimism,” said Shukla. “Even with a turbulent stock market, consumers are seeing stability in homeownership.

Aurora and Naperville continue to dominate the market. Yet, Lake County numbers are encouraging and poised for growth, with good improvement in Gurnee and Zion. Other areas with a promising outlook include Des Plaines, Buffalo Grove, Hoffman Estates and Lombard.

Note to Editors: If you would like to see the numbers for all of the communities MORe serves, please contact Amy Robey at amy@succeedwithmore.com. And, the attached infographic presents the statistics included in this release in visual form. It is free to use online and in print. Please credit Mainstreet Organization of REALTORS®.

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MORe is dedicated to anticipating and serving the needs of more than 15,000 REALTORS®, affiliates and licensed appraisers in South, West and Northwest Suburban Chicagoland. MORe is the largest local REALTOR® member organization in Illinois and the fourth largest in the nation. To learn what a REALTOR® can do for you, visit www.succeedwithmore.com.