Low inventories and higher sales prices had an effect on the Northwest Chicago residential real estate market last year. Overall, the number of closed sales for 2017 was down, median sales prices were up, and the average market time decreased. Homes sold faster and for more money.
Local market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable. These two factors ultimately muted what should have been a stronger sales pace.
Let's take a closer look at the most current sales statistics available from MRED, the Chicago area multiple listing service, for the Northwest Chicago areas of Edison Park, Jefferson Park, Norwood Park, and Forest Glen for the first 11 months of 2017 compared to the same period in 2016.
- Detached single-family home sales were down 18.3% in 2017, stemming somewhat from the 5.5% decrease in new listings. The median sales price rose from $357,450 in 2016 to $395,000 in 2017, a 10.5% increase. The average market time decreased from 75 days in 2016 to 64 days last year.
- The median sales price for Attached single-family homes rose 12.4%, from $137,000 in 2016 to $154,000 last year, and it took an average of 80 days from listing to sale. Closed sales were down 21.1%.
- New listings and closed sales for Detached single-family homes were down 8.3% and 10.2%, respectively. The average market time increased slightly from 67 days in 2016 to 75 days in 2017. The median sales price was $300,500, relatively unchanged from the previous year.
- Attached single-family homes had a much different outcome. New listings were up by 25%, and closed sales rose by 30.6%. The median sales price also increased significantly, from $149,500 in 2016 to $180,000 last year. The average market time was 70 days.
- Detached single-family home new listings held steady in 2017 with no significant change from 2016. Closed sales were up 4.1%, and the median sales price only increased 3.9%, from $309,450 in 2016 to $321,500 last year. The market time also held steady at an average of 67 days.
- New listings and closed sales were both up in the Attached single-family home category. New listings increased by 7.8%, and closed sales increased by 22.5%. The median sales price actually decreased from $144,000 in 2016 to $139,000 last year, which likely affected the boost in closed sales. Average market time was 61 days.
- The median sales price of Detached single-family homes increased by 2.9%, from $430,000 to $442,500, with an average market time of 89 days. Closed sales were down slightly, by 2.6%, and new listings were also down by 4.5%.
- Attached single-family home sales were up by 23.5%, selling in an average of 81 days. The sales increased despite the 8.1% decrease in new listings. The median sales price was also up by 12.1%, from $252,500 in 2016 to $283,000 last year.