The dynamics of supply and demand continue to pressure Chicago home buyers. The latest data from Illinois REALTORS© shows statewide home inventory down by 28.5% during September, when compared to September 2022. The short supply of homes for sale has fueled higher home prices in the Chicago metro and throughout Illinois. Chicagoland’s median home price reached $325,000 in September, an increase of 6.6% from a year ago. Statewide, the median home price reached $270,000, an increase of 6.5%.
Another way to gauge home demand is by considering the days-on-market, or how long it takes for a listing to go under contract. During September, single-family homes in the Chicago metro sold in about 34 days. Attached homes, which includes condos and townhomes, sold in about 23 days. By historical standards, this is still a fast market. As long as we have a relatively low inventory of Chicago homes for sale, and short days-on-market, home prices are likely to trend higher.
However, local neighborhood real estate markets don’t always fall in line with broad statistics. Data from the Mainstreet Organization of REALTORS© shows days-on-market growing for some suburban communities, especially for higher priced single-family homes. The locations with the longest days-on-market include:
- Villa Park
- Park Ridge
- Calumet City
- Chicago Heights
- Oak Lan
- West Chicago
Home buyers should also keep in mind that statistics explain past sales activity, but they are not a crystal ball for the future. If you are looking for your first (or third!) Chicago area home, half the battle is staying in the market and being ready to act when the right home becomes available. This means staying in contact with your mortgage lender and keeping your mortgage pre-approval updated. And if you are not already working with a real estate agent of your own, call us! We often know about new listings coming to the market, and we’ll be happy to tell you about them.
StartingPoint Realty – serving Chicagoland since 2004!
StartingPoint Realty proudly serves home buyers and sellers throughout the entire Chicago area. We offer free, first-time home buyer seminars every month! Contact us for your free home buying or home selling consultation!
Ryan Gable Broker/CEO Starting Point Realty
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