State of the Suburbs: Best-Selling Areas
August 15 2017
According to Illinois Realtors, statewide home sales and prices for May 2017 were up compared to 2016. Home sales increased 3.8 percent, and the median sales price jumped 8.3 percent. Additional positive activity was reported in the Chicago Primary Metropolitan Statistical Area (PMSA), with homes sales up 5.1 percent and the median sales price up 5.6 percent over the previous year.
Research by the Institute for Housing Studies at DePaul University found that property values had increased by at least 50 percent in eight suburbs since 2000. Several saw their sales jump more than 5 percent from 2015 to 2016. Oak Park/Cicero topped the list with a 9.2 percent increase, followed by Evanston/Skokie with 6.9 percent. Chicago Heights/Park Forest experienced the overall highest number of sales (2,286), just ahead of Park Ridge/Des Plaines (2,240).
A Look at the Data
Crain's Chicago Business compiled a comprehensive guide to home-hunting in both the city and suburbs, using data such as crime rates, commute times, racial diversity and school class sizes. Several suburbs whose median sales prices grew from January 2016 to January 2017 made their list of recommended places to live, including Hinsdale, Palos Hills and Riverside.
Chicago Magazine also gave a nod to the suburbs in its 2017 Where to Buy Now report. Niles, Des Plaines and Melrose Park topped the suburban first-time buyers list, and the publication recommended several suburbs for move-up buyers, including Aurora, Bolingbrook and Lake Zurich. For those looking to downsize, the magazine noted that Glenview, Palatine and Evanston all offer viable alternatives to city living.