In a July 18th article, Crain’s Chicago Business reported that Hillside was one of 13 towns out of 175 within Cook, DuPage, Lake and Will Counties to experience a real estate boom in 2019. Crain’s based their information on the January through June sales data, compiled and released by the Chicago Association of Realtors and Midwest Real Estate Data on July 15 of this year.
Three data points were used to measure a town’s market strength: home sales volume, median prices and time spent on the market. By that measure, 13 suburbs qualify as “strong,” beating this year’s real estate drop in not only the Chicago suburban housing market but in the entire country. Addison, Riverside, Westchester and Hillside were the four west suburban towns listed among the 13 strongest markets.
In strong suburban markets (like Hillside), home prices and the median price of homes sold were up in the first half of the year compared to the same period in 2018, and the number of days a home spent on the market was down. In weak suburbs, home prices and the median price of homes sold were down in the first half of the year compared to the same period in 2018, and the number of days a home spent on the market was up.
In the villages analyzed by Crain’s that did not make it into the 13 strongest markets, sales declined in 65 percent of the towns and the median price of homes sold were down 33 percent of them.
All in all, this is great news for Hillside homeowners. This report and a previous Illinois Realtors Association study that showed Hillside as one of only a handful of suburban towns to experience double digit increases in 2018 home sale prices over 2017 demonstrates that together we are making Hillside a community people want to move to and not from.