Homes are selling at lightning speed in many parts of the Chicago area, fueled by record low inventory, rock-bottom interest rates and a widespread desire to move to larger spaces that suit our COVID-era need to work and school from home.
Homes are selling faster than last year in about three-quarters of Chicago neighborhoods and suburbs, but they’ve really poured it on, selling in half the time or less what it took last year, in about 30 suburbs and nine of the city’s 77 neighborhoods.
In Downers Grove, homes that sold in January spent an average of 53 days on the market, less than half the time it took homes there to sell in January 2020.
In at least 30 suburbs, homes’ average time on the market was similarly chopped in half, according to January data released this week by the Chicago Association of Realtors, Midwest Real Estate Data and Showing Time.
Other suburbs where homes are selling in half the time they were a year ago include Western Springs, Brookfield, Lincolnshire, Wood Dale and Clarendon Hills.
In the city, single-family homes’ market times were cut in half in, among other neighborhoods, Lincoln Park, Lincoln Square, Portage Park and West Ridge.
In a few places, homes are selling a little slower than they were last year. In Beverly, where homes that sold in January spent 68 days on the market, about 21 percent longer than in January 2020. Even slowed down, however, Beverly sales moved faster than the citywide average of 75 days in January 2021.
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February 18, 2021 at 07:00PM
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Chicago-area homes selling at lightning speeds - Crain's Chicago Business
"selling" - Google News
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