Modern Home Statistics for March, 2021

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Introduction

A classic, MCM split-level home in Palatine that I listed for my clients in March

Hello, and thanks for reading. The weather turned more mild in March and the trends of low inventory and high buyer demand continued. If you’re thinking of buying or selling a modern home soon, PLEASE contact me so we can talk about specific issues that could affect your sale or purchase.

As a reminder, the statistics that follow cover all the modern homes that I’ve been tracking, and are not necessarily listed or sold by me. Data is from our MLS (Multiple Listing Service) system, which is called MRED, as well as from various county information sources.

March 2021 New Listings

As of this writing, there are currently 101 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is up from last month, however, compared with demand, it’s still very low. Even with more inventory in general, only 37 of those 101 are not already under contract.

March saw a decrease in the number of modern homes that came to market with 33 modern homes listed, vs 38 in February.

As always, I like to mention that some of the “new listings” in any given month may have actually been on the market before. There’s not a good way to cross-reference that in our MLS, unfortunately.

Price Range

Prices of modern homes that came to market in March ranged from $234,900 for a 2,207 square foot ranch in Urbana built in 1946, to $2,800,000 for an 8,000 square foot modern home designed by Ralph Rapson in Chicago, built in 1943 (the transaction has already closed and it ended up selling for $2,950,000). 

Size range

Sizes of modern homes listed in March ranged from 1,450 square feet in for a ranch in Norwood Park Township built in 1970, to the 8,000 square foot Ralph Rapson home mentioned above.

Distressed Properties

As far as I know, none of the properties that came to market in March was a foreclosure. 

March 2021 Closed Properties

In March, 21 modern homes closed in the areas I tracked (across 17 towns), up from 11 in February. That makes sense considering the jump in the market in February as well as some longer closings.  Remember that closings are typically at least a month or two behind new listings.

Price Range

Prices ranged from $242,900 for a 1,358 square foot ranch in Wheeling, to $1,180,000 for a 2,157 square foot ranch in Highland Park built in 1957.

Size Range

Sizes of homes ranged from an 1,136 square foot ranch in Glen Ellyn to a 4,824 square foot home in Oak Brook built in 1979 that sold for $891,000.

Market Time

Market time for the homes sold in March ranged from 3 days to 1674 days for a house in Barrington Hills that had been on and offer the market since 2014 when it was first listed for $948,000. The home’s price ultimately dropped to $540,882 and sold for $425,000.

The average market time for homes that closed in March was 170 days, and the median was 22 days.

Regarding market time, it’s important to note that listings often get “canceled” and relisted, meaning the listing is canceled on our MLS even if the listing agreement between the seller and their agent is still in effect. The home is then re-listed on the MLS, often at a new price, but sometimes at the same price, just so that the home shows up as a “NEW” listing. This can cause serious inaccuracies in both sale price to listing price ratios, as well as market time, because the original listing, price and market time won’t be factored in if they were under a different listing number. This is why I don’t typically discuss the ultimate sale price as a percentage of the list price, because it really is meaningless.

Distressed Properties

Just the home in Flossmoor mentioned previous was a distressed property (a foreclosure).

For More Detailed Information

If you’d like more specific information about the market where you live, I’d be happy to set up a meeting with you to come visit your home, even if you’re not thinking of selling soon. I’ll have you give me a tour of your house, we’ll talk about its features and quirks and then I can prepare a market report that will show you data specific to your property. The market report will give you a good idea of what you could realistically expect to sell your home for at that time. When you are ready to sell, I’ll create another, updated market report then that reflects current data at the time it’s prepared. There’s no cost or obligation for any of this, although I certainly would love to work with you when you’re ready to sell. Appointments are scheduled on a first-come, first-served basis as my schedule permits.

Disclaimer

I always make an effort to provide information in these updates that’s as accurate as possible, however, I don’t track every town in the Chicago suburbs. If you’re curious about the market for modern homes specifically in your area, please let me know and if I’m not already tracking that area, I’ll start! Note that data provided is from various sources and I cannot control the accuracy or completeness of that data. Homes discussed in these updates are listed and sold by various brokerages and real estate agents and do not necessarily represent my personal listings or sales as a Realtor.

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