Illinois homeowners must act fast to cash in on booming Illinois home prices while they last. It is also wise to make quick, high-return home improvements like updated floors before appraising and listing in the current housing market.
Find out how surging Illinois home values impact your neighborhood. Get up-to-date on whether the housing market predictions from 2019 to the past year will continue into 2022.
Illinois housing markets have seen a strong sellers’ market for almost two years. Between January 2020 and January 2021, the amount of detached single-family home sales increased 18.9%. Median sale price skyrocketed by over $45,000, the fastest growth in the last 50 years.
Nearing 2022, fierce buyer competition continues to simmer. Motivated Illinois home buyers are making enthusiastic offers, making homes fly off the market at high prices in Chicago-area neighborhoods.
Economists credit stimulus checks, low interest rates, more time at home, and household travel, transportation, and entertainment savings for a migration into suburbs and single-family homes.
Though the housing market boom is expected to lose steam into 2022, Illinois home prices maintained 3% appreciation by June 2021. Keeping Chicagoland homeowners current, here is the state of local Illinois real estate markets as of October 2021:
The median Aurora, IL sale price increased to $236,450 year-over-year; 41% of homes sold above list price. 10% fewer homes sold (248) in October 2021 than the year before. However, homes sold 33.3% faster (10 days).
By October 2021, Bolingbrook, IL median home values increased impressively year-over-year to $298,000. 17.3% fewer homes sold than last year, but 41% sold over list price, and they were only on the market for a median of 8 days (-11%).
Brookfield, IL homeowners sold for a 15.8% higher median price ($284,000) in October 2021 than October 2020; 26.9% of homes sold above list price. 8% more houses sold, but they spent longer on the market for a median of 36 days.
The October 2021 median Chicago home selling price ($350,000) was down 1.6% from the year before. Selling 27.3% slower than October 2020, at a median of 28 days on the market, 10% fewer homes changed hands. Still, 27.3% of homes sold above list price.
Elgin IL’s median home sale value ($240,000) decreased 2% between October 2020-21 with 13% fewer houses selling. They did sell 23% faster year-over-year, in a median of only 13 days. Plus, 40% of homes sold above list price, and 10% fewer homes experienced price drops.
Comparing October 2020 and October 2021, median Joliet home sale prices ($232,500) grew 8.1% and sold in 30% less time at just 7 days on the market. Though 6.4% fewer homes sold overall, more than half (54.1%) of those homes sold above list price.
October buyers purchased Oak Lawn houses for a median of $265,000, and 40% of homes sold above list price. The number of home sales declined almost 18%, but remaining properties are going fast, selling in a median of 11 days on the market, 59.3% faster than October 2020.
Oak Brook’s median sale price leveled out to $617,500 this year, but the number of home sales is up 40%, and the rate of homes leaving the market has sped up 37.7% faster than last October.
The median sale price in Plainfield, IL ($311,000) is up 14.5% year-over-year. Though 12.2% fewer homes sold this October, more than half (50.3%) are selling above list price in a median of 10 days on the market.
Increasing median selling price ($417,500) steadied in Naperville, and 24.7% fewer homes sold compared to last October. However, houses are selling 27.1% faster (18 days), and 28.2% are selling above list price.
Schaumburg homeowners are getting 9.5% less for properties ($245,00) compared to last year. But 28.9% are going for more than the listing price, and homes are spending a median of just 19 days on the market.
Now is the time to jump on the Illinois housing market. Do not miss the opportunity to make a quick win by investing in your home’s floors before appraisal and listing.
You can trust Royal Flooring to add value to your home with the most professional, high-quality flooring installations in the Chicago area. Whether you need new carpet, laminate, hardwood, or vinyl floors, we prioritize homeowners’ needs through free estimates, flexible installation plans, and a price match guarantee. Contact us today for a free estimate to receive an additional $150 off.
We vet our flooring professionals to interact professionally with the public and their homes, and we take every precaution to protect ourselves and our customers from COVID-19.