DataMarkets & Economy

Selling time continues to drop for the Chicagoland suburbs

New data shows time on the market in the suburbs reached a low of 83 days on average
  • Time on the market in the Chicago suburbs has dropped every month so far this year, reaching 83 days in August.
  • Homes in Schaumburg moved faster, at 45 days on the market on average.
  • Median sale price increased 6.5 percent year-over-year in the Chicagoland suburbs, to $244,975 in August.

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Empty nesters looking to downsize or families looking to trade up in the Chicagoland suburbs, take note: Every month this year, homes spent less time on the market compared to the year prior, according to data from The Mainstreet Organization of Realtors (MORe). Average number of days on the market across 200 communities in DuPage County, Lake County and suburban Cook County, proceeded to dip throughout the summer, despite the traditional selling season nearing its close, MORe says. As of August, average time on the market in the Chicagoland suburbs fell to 83 days. Back in June, time on the market was an average 84 days. Schaumburg showed rapid activity, with just 45 days on the market on average. Market time in Orland Park dropped 52.8 percent year-over-year, reaching an average 60 days per home. “This year has been a strong year for suburban real estate,” Lynn Madison, president of the Mainstreet Organization of Realtors, said in a statement. “Year to date, the num...