The median-sales price for a home in suburban Chicago topped $400,000 for the first time since spring 2024 in April, as the pace of sales continued to slow, according to Mainstreet REALTORS®.
The median sales price for a detached home climbed 5.2% year-over-year to $405,000, up from $385,000 in April 2024. The increase marked the 24th monthly gain in a row.
A total of 2,432 detached homes were sold, down 4.3% from a year ago. Days on market increased five days from April 2024 to 46 days.
"Buyers are active, but they're taking a little longer to commit," Mainstreet CEO John Gormley said in a press release.
The pace of attached-home sales also slowed year over year, dropping 7.2% from 1,329 sales in April 2024 to 1,234 last month. Days on market for attached homes surged 44% to 36 days on average, while the median sales price rose 2.5% from $263,500 to $270,000.
"We're still seeing strong demand, but buyers today are weighing value carefully, even in bidding wars," Mainstreet President Connie Vavra said. "It is the sellers who present turnkey homes who still have a lot of leverage, especially in that $300,000 to $500,000 sweet spot."
The price of detached homes in certain suburbs was significantly higher than the Chicagoland median, including: Arlington Heights (median sales price of $560,907); Bartlett ($445,163); Buffalo Grove ($547,500); Des Plaines ($420,000); Downers Grove ($575,000); Geneva ($565,000); Green Oaks - Libertyville ($709,250); Gurnee ($445,000); Hinsdale ($1,237,500); Hoffman Estates ($443,000); Lemont ($637,000); Lombard ($420,000); Long Grove - Lake Zurich - Hawthorn Woods - Kildeer ($705,000); Oswego ($481,000); Palatine ($465,000); Park Ridge ($614,500); Schaumburg ($499,950); St. Charles ($660,000); and Wheaton ($585,000).
Looking ahead, sales contracts for detached homes were roughly flat at 3,034 in April, compared to 3,039 a year earlier. Attached homes under contract rose 6.2%, from 1,414 in April 2024 to 1,502 last month.