After years of below-normal home inventory, the Chicago real estate market is starting to loosen up! The number of homes for sale increased month-over-month for Cook, Lake, DuPage and Will counties, bringing more opportunities to the market for Chicagoland home buyers. The inventory improvement follows a dip in mortgage interest rates, which are 1 and 1/2 points lower than they were a year ago. These trends are giving buyers more purchase power and more selection.
However, sales are moving at a brisk pace, and the most desirable homes can attract competing offers. This means we still have a seller’s market on our hands, though things are gradually improving for home buyers. Here’s a look at September market activity in Chicagoland:
Cook County:
- 10.1% increase in new listings from August to September
- Average days on market: 26
- Median list price: $331, 897
- About 35% of homes sold for more than the list price
Lake County:
- 2.4% increase in new listings from August to September
- Average days on market: 21
- Median list price: $363,805
- About 41% of homes sold for more than the list price
DuPage County:
- 2.3% increase in new new listings from August to September
- Average days on market: 16
- Median list price: $400,067
- About 41.5% of homes sold for more than the list price
Kane County:
- .05% decrease in new listings from August to September
- Average days on market: 16
- Median list price: $357,758
- About 45.5% of homes sold for more than the list price
Will County:
- 2.2% increase in new listings from August to September
- Average days on market: 20
- Median list price: $339,213
- About 39.5% of homes sold for more than the list price
If you’ve been waiting to buy a Chicago area home, it’s a good time to take a fresh look at the market! Call us for home buying guidance, lender referrals, and the newest listings!
StartingPoint Realty – serving Chicago Area home buyers since 2004!
When you’re thinking of buying a home, get expert help from StartingPoint Realty! We proudly serve home buyers throughout the entire Chicago area. We offer free, first-time home buyer seminars every month! Contact us for your free consultation!
Ryan Gable, Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
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