Chicago suburban home prices are on the upswing, with the median sales price for a detached, single-family home reaching $405,000 during April. This is a year-over-year increase of 5.2%, according to data from Mainstreet REALTORS©. However, there are a number of suburban communities with higher median sales prices. Among the most expensive areas are Hinsdale, Green Oaks-Libertyville, Lemont, and the Long Grove-Lake Zurich-Hawthorn Woods-Kildeer markets. Prices in these markets are showing medians of $1,237,500 to $705,000, respectively.
An uptick in home inventory has also allowed Chicago area buyers to be more selective and deliberate during the home search. As of April 2025, detached homes spent about 46 days on market before going under contract. Attached homes, such as townhomes and condominiums, spent about 36 days on market. This is not a “slow” market, by the way – it’s just slower than it was a year ago!
While we remain in a seller’s market, it isn’t the seller’s market of a year ago. Home inventory has been increasing month-over-month. Higher home prices, and higher mortgage interest rates have made home buying less affordable. Fluctuations in the stock market, amid other economic concerns, have created a more cautious home buyer.
Buyers also remain picky. They want the best home for their money, and turn-key, updated homes appeal to them. Homes that need work, or have outdated interiors, take longer to sell. The longer a home spends on the market, the lower the offers!
One of the trends now being tracked are canceled purchases. In the Chicago area, about 13.6% of all pending home sales fell out of contract during April 2025. The majority of canceled deals were due to buyer financing problems, followed by home inspection issues, appraisal problems or buyers backing out for some other reason. It’s normal to have a small percentage of canceled purchases, but what we’re looking at today suggests that mortgage lenders are tightening their criteria again. A potential issue is the return of Federal student loan collection actions, which were announced by the U.S. Department of Education in April.
StartingPoint Realty – serving Chicagoland since 2004!
StartingPoint Realty proudly serves home buyers and sellers throughout the entire Chicago area. We offer free, first-time home buyer seminars every month! We offer free home selling seminars too! Contact us for your free home buying or home selling consultation!
Ryan Gable Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
https://startingpointrealty.com/
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