Buying or selling a home in the Illinois Northwest Suburbs (Part1)

If you're considering buying or selling a home in the Illinois Northwest Suburbs, it's essential to understand the current state of the real estate market.

The cities (villages) of Arlington Heights, Buffalo Grove, Palatine, Rolling Meadows, Mount Prospect, Prospect Heights, Des Plaines, Park Ridge, Niles, Schaumburg, Hoffman Estates, Barrington, South Barrington, North Barrington, Lake Barrington, Inverness, Streamwood, Bartlett, and Elk Grove Village are all part of this region and have experienced varying degrees of activity in the past year.

The real estate market in the Illinois Northwest Suburbs has been hot in recent years, with low inventory levels and high demand from buyers. As a result, home prices have been steadily increasing, making it a seller's market. However, in the wake of the COVID-19 pandemic, the real estate market has experienced some changes that are worth noting.

Home Prices in the Illinois Northwest Suburbs

Home prices in the Northwest Suburbs of Illinois have been on the rise in recent years. According to Zillow, the median home value in the region is $350,000, which is an increase of 7.6% over the past year. Home prices in some suburbs, such as Barrington and Inverness, are significantly higher than the median, while other suburbs, such as Des Plaines and Streamwood, have lower median home values.

Despite the rising home prices, the real estate market in the Illinois Northwest Suburbs is still relatively affordable compared to other areas of the country. For example, the median home value in the Chicago metro area is $264,000, while the median home value in New York City is $681,000.

Inventory Levels in the Illinois Northwest Suburbs

One of the main factors contributing to the seller's market in the Illinois Northwest Suburbs is the low inventory levels. The number of homes for sale in the region has been steadily declining in recent years, and the COVID-19 pandemic has only exacerbated the issue. As of April 2023, there were only 1,500 homes for sale in the Illinois Northwest Suburbs, which is a 5% decrease from the previous year.

Buyer/Seller Activity in the Illinois Northwest Suburbs

The real estate market in the Northwest Suburbs of Chicago is highly competitive, with many buyers forced to compete for a limited number of homes. As a result, sellers have been able to command higher prices and receive multiple offers on their properties.

Buyers, on the other hand, have had to be more aggressive in their search for a home. They often have to act quickly to make an offer, and some are resorting to waiving contingencies and offering cash deals to secure a property.

On the other hand, buyers have had to be more aggressive in their search for a home. They often have to act quickly to make an offer, and some are resorting to waiving contingencies and offering cash deals to secure a property.

On the other hand, buyers have had to be more aggressive in their search for a home. They often have to act quickly to make an offer, and some are resorting to waiving contingencies and offering cash deals to secure a property.

Home Prices and Inventory Levels in Illinois Northwest Suburbs

Home prices and inventory levels are important indicators of the real estate market's health in any given area. The real estate market in the Illinois Northwest Suburbs has been quite strong in recent years, with home prices increasing steadily and inventory levels remaining low.

According to data from Zillow, the median home value in Arlington Heights, IL, was $372,100 as of April 2023. In Buffalo Grove, the median home value was $414,500, while in Palatine, it was $342,500. Rolling Meadows had a median home value of $278,900, and Mount Prospect had a median home value of $324,200. Prospect Heights had a median home value of $276,400, and Des Plaines had a median home value of $267,500. Park Ridge had a median home value of $586,700, Niles had a median home value of $286,200, and Schaumburg had a median home value of $293,000. Hoffman Estates had a median home value of $295,200, and Barrington had a median home value of $570,700.

The data shows that home prices in the Illinois Northwest Suburbs vary depending on the town, with Park Ridge and Barrington having the highest median home values. However, even in towns with lower median home values, prices have been steadily increasing, making it a seller's market in most areas.

In addition, the average number of days that homes stay on the market in the Illinois Northwest Suburbs has been decreasing, indicating that homes are selling quickly. As of April 2023, the average number of days on the market for a home in Arlington Heights was 23, while in Buffalo Grove, it was 22 days. In Palatine, the average number of days on the market was 21, and in Rolling Meadows, it was 17 days. Mount Prospect had an average of 24 days on the market, while Prospect Heights had 23 days. Des Plaines had an average of 21 days on the market, and Park Ridge had an average of 27 days. Niles had an average of 23 days on the market, Schaumburg had 21 days, and Hoffman Estates had 20 days. Barrington had an average of 39 days on the market, which is slightly longer than other areas, but still relatively low.

These statistics demonstrate that homes are selling quickly in most of the Illinois Northwest Suburbs, with high demand and low inventory levels leading to a seller's market. Buyers need to act fast and make strong offers to secure a home, while sellers can expect to receive multiple offers and sell their homes relatively quickly.

At One Republic Mortgage, we have built our reputation on providing our clients with trusted mortgage solutions that meet their unique needs. We are committed to transparency, integrity, and honesty, and we believe that these values set us apart from other mortgage companies in the Illinois Northwest Suburbs.