Chicago-area home sales last year topped 2020 growth

  • The number of single-family homes that sold last year in the Chicago area rose 8.9%, according to the Mainstreet Organization of Realtors.

    The number of single-family homes that sold last year in the Chicago area rose 8.9%, according to the Mainstreet Organization of Realtors. Stock Photo

 
Posted1/24/2022 2:50 PM

Chicago-area housing sales continued to accelerate in 2021, with 8.9% more detached single-family homes sold than in 2020, when sales were also brisk, according to statistics released by the Mainstreet Organization of Realtors.

In addition, 20.9% more attached Chicago-area homes, such as townhouses and condominiums, sold last year compared to 2020, the realty group said.

 

This hot housing market follows up the growth seen in 2020, when 12.8% more detached single-family homes in the Chicago market and 4.5% more attached homes were sold than in 2019.

"COVID changed protocols for buying and selling homes, but it also intensified the demand for homes," said John LeTourneau, Mainstreet board of directors president. "Each new variant has just continued to reinforce the need for people to have a home they feel comfortable in. So it's no surprise to see this activity continue two years into the pandemic."

With so much demand for homes, prices have continued to appreciate. The median sale price of a detached single-family home in the Chicago area was $325,000 in 2021, compared to $289,900 in 2020 and just $267,500 in 2019. The median sale price is the point where half of the homes sell for more, and half for less.

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