The pace of single-family home sales ticked lower year over year in Chicagoland in August, despite declining interest rates, which slid to 6.43% by the end of the month.
There were 2,731 detached homes sold in August, down 1.7% from 2,780 in August 2024, Mainstreet REALTORS® said.
Prices continued to climb, with the median-sales price rising 5% from $400,000 to $420,000, and homes took longer to sell, spending an average of 37 days on the market, up a full week from 30 days a year ago.
The amount of time single-family homes spent on the market was up significantly year over year, particularly in certain suburbs, such as Vernon Hills (908.3%), Summit (716.7%), Chicago Heights (488.9%), Lansing (444.4%), Indian Head Park (633.3%), Burnham (363.6%), Mt. Prospect (331.3%), Berkeley (416.7%), Chicago Ridge (414.3%), South Chicago Heights (209.5%), Wheeling (200.0%) and Wadsworth–Old Mill Creek (154.2%).
“August often brings a natural slowdown in the market as families shift their focus to back-to-school,” Mainstreet REALTORS® President Kinga Korpacz said. “Once school is underway, many buyers return to their search with fresh energy. That seasonal slowdown creates an opening: Homes are sitting longer, competition eases and buyers have more room to negotiate, especially as interest rates trend downward.”
The attached home market saw similar patterns. Sales of homes in multi-unit buildings fell 5.6% year-over-year, from 1,396 in August 2024 to 1,317 homes last month. Prices rose 5.7% from $265,000 to $280,000.