Over the past few years, the suburbs of Chicago have seen an undeniable transformation in their residential real estate markets. From Highland Park to Glenview, and from Northbrook to Arlington Heights, the suburbs have moved beyond just being a post-pandemic migration trend — they’ve become the long-term move for many.
What’s Driving the Ongoing Suburban Surge?
1. Lifestyle Over Commute: Buyers today are prioritizing space, flexibility, and quality of life. Even as some companies push return-to-office policies, the suburbs continue to attract buyers looking for more breathing room, top-tier schools, and strong community infrastructure.
2. Supply Is (Still) Tight – But Easing Slightly: Inventory is up year-over-year in many suburban markets — in some cases by 20-30% — but it's still far below pre-pandemic norms. That means we’re in a dynamic market where sellers can still command strong prices, but buyers have more to choose from than they did in 2022.
3. Rates Are the New Normal: Let’s face it: 3% mortgage rates are not coming back. Most buyers now understand that 6-7% is the new baseline — and they’re adjusting. Rather than waiting, they’re asking smarter questions: Can I buy now and refinance later? Are there buydown options? What’s an assumable loan?
4. Multiple Offers Are Back (In Some Places): In certain price points — especially under $1.5M — we’re seeing fierce competition again. Homes that are updated and priced well are flying off the market, often with multiple offers. Meanwhile, overpriced or dated homes are sitting longer, giving strategic buyers more leverage.
What This Means for You
If you're a buyer, this is the time to stay educated, flexible, and ready. Working with a skilled agent who understands hyper-local data is critical — especially when timing and negotiation make all the difference.
If you're a seller, there’s a sweet spot. With inventory still constrained, well-prepped and well-priced homes can still outperform expectations. But pricing strategy and presentation are more important than ever — because buyers are savvy and selective.
Suburbs to Watch Right Now
- Highland Park – still one of the most desirable towns on the North Shore with limited listings and fast-moving homes.
- Northbrook & Glenview – family-friendly areas with strong schools, a mix of housing styles, and good commuter options.
- Deerfield & Buffalo Grove – competitive for first-time and move-up buyers; great school districts and parks.
- Arlington Heights & Mount Prospect – strong demand, especially with Metra access and increasing downtown revitalization.
Bottom Line: The suburban Chicago market is nuanced and fast-evolving. Whether you’re planning to buy, sell, or simply stay informed, the key is working with an expert who can guide you through the data — not just the headlines.
Curious about what your home might sell for? Or want a custom market update for your neighborhood? Let’s connect.
